Stay at Home, Sell a Home or Buy a Home?
The recent State of Emergency and recommended “stay at home” edict issued by our provincial government has returned our everyday norms to a safety first priority. In the context of this second wave, the reiteration of terminology like “essential” and “non-essential” has once again stirred as much questioning as it has controversy. For those pondering the sale of their home, or the acquisition of a property, many questions come to mind. Is now the right time to sell? Is it safe to let visitors into my home? How is the market impacted by the restrictions imposed by this second wave? Is it still a seller’s market? Will prices continue to rise? Is a crash bound to create an economic recession? Although many of us would love to have an almanac from the future to aid us in our decision making process, there are some logical answers we can rationalize in the present.
First and foremost, real estate has been deemed an “essential” service. Housing is an integral need and the procurement of such is a top priority imperative to survival. With that said, realtors have adjusted practices to ensure safety, and to respect the call for caution. At Revel, as at many other brokerages, Covid-19 protocols have been implemented, revised, and streamlined to assure clients of proper screening procedure. Before a visit is confirmed, Covid-19 questionnaires and/or surveys are delivered, signed, and acknowledged by all parties making the visit. On the selling side, and despite the limitation of not being able to stage a home, Revel has innovated its methods and found success with virtual tours, Matterport technology, which allows for a virtual, digital tour of a home, and in some cases, virtual open houses.
At present, it is definitely a “seller’s market,” due to lower inventory on the market and higher demand, especially in the Niagara region. This translates into competitive situations and the opportunity to sell property at a higher price point, hence the term “seller’s market.” Furthermore, the Niagara region itself is experiencing a surge in demand, recognized recently as one of the top five regions in Canada for growth.
So, in a nutshell, and despite the recent restrictions imposed by the provincial government, it is still advantageous to list your home for sale. With the proper safety protocols in place, and after a year of implementing such practices, it is not only safe to list your home but also opportunistic to do so if you are seeking to maximize your primary residence investment. Mind you, when you flip the coin and transition into a buyer seeking a property, there may be challenges finding a home at your ideal price point. However, now more than ever, it is best to enlist the services of a trustworthy realtor to guide you in this endeavor. A talented realtor will know best how to translate your equity into similar, or increased investment value.
Worldwide, it has been a stressful period in our history and many of us are re-evaluating what is truly beneficial, or conversely, detrimental to our lives. A home to protect our loved ones has been a constant safeguard during this pandemic and at Revel, we inherently understand the importance of our expertise during these trying times. Whether you are buying, selling, or “staying home”, as we were recently advised, we welcome any opportunity to consult and guide our clients towards a clear understanding of what is to come.