Real Estate in the Age of COVID-19
COVID-19 was explosive to the Canadian real estate industry, forever changing the way real estate transactions are done. Markets were severely impacted, and protocols were revamped overnight. The ins and outs of real estate transactions are still morphing on a day-to-day basis.
As Realtors we do much more online investigation. Buyers can view videos, floor plans, 3D tours and much of the documentation online. We are asking buyers before they enter someone else’s space to have reviewed online information, be ready to purchase and be qualified. Both Realtors and Buyers are wearing masks. Viewings are limited to those people who will be named on the contract.
It is not uncommon to do a virtual personal tour with a buyer watching on a device. This saves buyers from travel and helps to get a specific close view. It’s a powerful sales tool and the next best thing to viewing a home in person while keeping everyone safe.
COVID precautions aside, the market itself is back and even more active than pre-COVID days. The pent-up demand coupled with low mortgage rates is causing many multiple offers. Buyers are wanting more space if they will be working from home indefinitely or want to make the move from a condo to a single-family home. Demand for rural properties is expected to swell. What used to be appealing about living in the city, its crowds, culture and public events, no longer count as pros but as cons. More and more people are moving from the cities to smaller towns where the cost of living and the stress is lower.