I’ve been receiving a lot of questions about the COVID-19 pandemic and how is it affecting real estate. Questions like should you buy or sell in this market, what is happening with the value of homes and how is business being conducted if you do need to buy or sell.
The government has deemed real estate and realtors as essential services and people are still buying and selling however it is definitely not business as usual.
What I have noticed over the past couple of weeks is that Buyers have been holding back, many of them are taking a wait and see approach. Some Buyers are taking advantage of the low interest rates and going ahead and purchasing.
There are home owners out there that are wanting to go ahead and sell. They might be under pressure to sell, they also may feel that this is the right time to sell.
Sales have been slowing down but it’s too early to say that prices have been affected.
In terms of working with clients that do choose to buy or sell during this pandemic this can still happen. Safety precautions, best practices and procedures are being taken to ensure the safety of Buyers, Sellers, Tenants and Homeowners.
There are a lot more video meetings and phone calls taking place instead of in person meetings. Multi-media is being used for showing properties which includes, videos, walk through tours, Matterport 3D tours, floor plans and of course photographs.
This is a very fluid and dynamic time with new announcements almost daily that can have an impact of your real estate decisions. I’m staying up-to-date on the latest changes, whether it’s new legislation for homeowners and tenants, interest rate changes to new restrictions on how real estate services can be provided.
If you have questions about how business is being conducted for your specific needs please feel free to reach out to me. Stay safe and healthy everyone.
Krista Lapp is a Realtor based in Coquitlam. Creating valuable relationships and happy clients has always been at the heart of Krista’s beliefs. With over 20 years of sales experience and being a successful entrepreneur, her level of professionalism, customer service, sales & marketing and integrity always result in exceptional client satisfaction. Krista is qualified for the Medallion Club, recognizing the top 10% of Realtors in Greater Vancouver and rated #1 for Coquitlam Real Estate Agents for 2019.