How has COVID Impacted the Real Estate Market so far?

I've been getting a lot of questions about how the coronavirus crisis is effecting the real estate market. Here are 4 of the most commonly asked questions:

1. Have prices and sales been impacted?
It’s still too early to say. For the month of March sales actually outpaced last year's March sales. However, March of 2019 was very quiet in comparison to previous years. Another thing to keep in mind is the self isolation and social distancing wasn’t put into full affect until mid March so we still had about 15 full working days in March to contribute to these numbers. The month of April with be a stronger indicator to the current effects this is having on the real estate market.

2. Are there deals for buyers right now?
There will be a few circumstances where sellers will need to sell based on financial situations and this could present a good opportunity for buyers to purchase a home below market value. However I think those situations will be few and far between and are more of a predatory mind set. I’m confident that in the long run the the market will remain intact and it will be business as usual once we overcome this obstacle.

3. Are people actually still buying and selling?
There are people who have to buy and sell which are all circumstantial situations. Agents are all doing a great job at accommodating showings, either virtually or providing a very safe way to show their listings in person. So If you happen to be in one of these situations yes the resources and efforts are available. That being said, for the health and safety of everyone around you I would recommend putting things on hold for the time being if you’re not in a “must or have to” position.

4. When things get back to normal how will this effect the market?
I try not to overthink this as there are many variables that influence market conditions. Depending on how long this continues, it's hard to predict where it will leave our economy. However the one variable that we all can control is focusing on collectively doing our part; self isolating and listening to the professionals. If we continue to do this I’m confident the economy will stabilize and values and sales will bounce back because at the end of the day the Fraser Valley and Greater Vancouver areas will always be a desirable place that people want to call home!

Have a question that I didn't answer today? Reach out to me, I'm happy to chat!