Our Personal Perspective
BC’s economy is now starting to open up which is great news. Nobody knows how this Covid 19 is going to play out going forward so for everyone, we are all just trying to figure out how to get on with our daily lives while staying safe and healthy.
With Real Estate being deemed an essential service by the Provincial Government, Jill and I want you to know that we are here for all our clients during this uncertain time to answer questions and help those looking to buy and sell. Yes, you can buy and sell a home during Covid 19 in a safe manor. Our industry has adapted over the past two months in the way we show, market and sell homes.
Over the past few weeks Vancouver has seen a nice steady uptick in real estate activity. While we are no- where near the 10 years sales averages of the past, we have seen a healthy bounce off the dismal April numbers. It feels like buyers and sellers are now getting more comfortable with getting out and getting on with their lives.
For those looking to sell, right now we see an ideal opportunity in many segments of the market. Record low housing inventory is great if you are looking to list your home. You have far less competition and many more buyers chasing far fewer homes listed for sale. This imbalance has resulted in many multiple offer scenarios and continued price stability in our market.
For home buyers, the past two months have seen fewer listings but also fewer buyers meaning in some cases more time to make a buying decision and the ability to negotiate. Money is dirt cheap so the cost of a mortgage is rock bottom. Why wait until all the buyers return. Buy now while money is cheap and you have the ability to negotiate.
To sum up we would say that timing the market is very difficult. It’s the right time to buy or sell when it’s right for you. We think that despite Covid 19 Vancouver’s housing market remains stable .
If you have any questions about the market in your neighborhood reach out and call or email us anytime.
Stay safe and stay healthy
Andrew & Jill Hasman