Is Now a Good or Terrible Time to Sell a Home?
The pandemic is not a one-time event that we’ve weathered, but an ongoing, developing situation. Anxieties abound, not just about catching the virus that causes COVID-19.
“The housing market has been no exception. The market is expected to slow down, but for the moment it is still quite active” says Kenny Langburt of ReMax Ambiance. “The Central Bank has slashed interest rates, aiming to keep buyers in the market, and sellers supplied with lots of qualified buyers. As a result, banks are reporting a spike in pre-mortgage applications — and as of this week, people were still making offers on homes. It is too early to assess whether lower interest rates can overcome the economic and health anxieties”.
Welcome to the reality of selling a home in the era of the coronavirus. But with a historic low inventory of listed homes and ultra low interest rates, buyers and sellers could find a silver lining as people will be pushed off the fence to buy a home.
So should you pause your home selling plans? That is entirely up to you. Ultimately, determined home buyers and sellers will find a way—it may just look a little different than before.
Brokers, responding to anxious sellers and quickly evolving regulations are transitioning to virtual tours online. Most home sellers leery of the potential health risk of strangers at their open houses are refusing to host them.
Residential brokers, like Kenny Langburt of ReMax, are asking buyers to forego visiting homes and to conduct virtual tours online. “With today’s technology, it is easier than ever to see and obtain a wealth of information on the web about properties that are currently on sale. I can simply show you around the residences using FaceTime or Zoom. If a specific property interests you and you do not want to miss your chance, I am able to write an offer signed electronically and conditional on a subsequent visit in person and inspection at a later, and safer date. Currently, I carry out transactions and assist with people who sold a few months ago and who have no choice but to buy”.
Of note and unique only to Quebec, is the signing of a deed of sale still must be done in person before a notary. Electronic notarization is not yet legal, but more news on this issue to come this week.
“Under the current circumstances, a potential Seller should take advantage of being self-quarantined at home to organize and declutter it for a perfect photo shoot or a 3D virtual shoot” says Kenny Langburt.
If you need a hand navigating through this crazy time, feel free to reach out to me at email@example.com and in setting aside some time to talk.