Covid-19 and Real Estate In Vancouver. What does this mean?
During the past couple of weeks we have been adjusting and adapting to this new normal. With this change comes a lot of questions for the real estate market as well. How long will this last? How will this impact the market, prices, supply and demand? What will it look like post-quarantine? Will things go back to normal?
Prior to Covid some homes were seeing multiple offer situations and selling well over asking price.
I think there will be a new normal both in life and in the real estate market once this pandemic does come to an end. A sunday afternoon buyer’s tour with 10 homes to view may not be the new norm, virtual showings and touring homes online is the new way to go about viewings before making a official visit to the property.
The sales volume may have decreased due to the pandemic but there are buyers who still need to downsize or upsize and sellers who are still are going to sell. Many people are now unemployed and are out of work or can’t get loans, this implication will see a shift in supply and demand.
Where will the market go?
No one can really predict this with the uncertainty in the world right now but working with a real estate agent who understands the neighbourhood you are considering is crucial as they can provide the most up to date analysis of the area you are interested in, giving you a better understanding of the market conditions. Different parts of town have different markets and having a agent who can identify trends and changes in these markets will help you make the best decision for you.
Get in contact today to see how we can help you with your real estate needs!
Sutton Group West Coast
Vancouver Real Estate Professional