The Real Estate Insider Your Inside Track To What's Happening - April 2020
One Month Into the COVID-19 Shut Down. Should You Buy Or Sell During the Outbreak?
Think back five weeks. It seems like a lifetime ago that everything went into a panicked chaos, and there was no toilet paper on the shelves. Now, for the most part, we have adjusted to lining up for our chance to go in the grocery store, and meeting our friends online for a drink instead of in person. What will the next five weeks bring? Probably the same amount of change.
The biggest question we are facing in our business everyday is "Should I buy?" or "Should I sell?" It depends on your situation. In Calgary, the market has slowed down a lot, even for a market that was struggling to find its footing prior to COVID-19. The total number of sales is down roughly 40% over this time last year. That doesn't mean the market it dead, it just means that those who have to buy and sell are, and those who "want" to buy and sell are not. It's a pretty telling statistic on how housing has become a want in our society over a need. The essential purchases and sales are happening. The non-essentials are not.
From our perspective so far, there have been some great deals happening for buyers. Money is cheap from the banks, and there are some situations where sellers need to get out quickly. This is where you can find a great deal. It is not widespread, however. With the amount of stimulus the government has pumped into housing, a lot of people can ride this out for a while longer before they get panicked about having to sell. We are not seeing widespread price reductions, nor are we seeing a "sky is falling" mentality from sellers. What we are seeing is more of the "essential" selling. People that have to sell are, and they are willing to deal. People that don't have to sell are reluctant to drop their prices right now.
From a seller's perspective, what should you do? We've been putting listings on this month in large numbers, not necessarily expecting to sell them right away, but to get the marketing working so that when we are allowed to get back to what will be a "new normal," our homes will be ready to go and are top of mind for the buyers that come back to the market. We have thrown out all the old rules about timelines, price reductions, and expectations. We are riding the wave, adapting and pivoting with the changes happening around the world. As much as this is a time to be cautious, safe, and socially responsible, it is also an exciting time for the changes that are about to happen for the better after this is over.
So, the bottom line is, if you are a buyer that is patient, there are some deals out there right now but it's not on every house. We have a strategy for finding the right deals for you if you are looking. For sellers, get your home ready to sell now. Start the process of staging, video, and photography now. You want to be front and centre when the market opens up.
Are You Searching For a New Home? Let Us Walk Through It For You...Virtually!
With the COVID outbreak, there were some changes that needed to be made in Real Estate to make it safe for everyone, yet still provide an essential service. Gone are public open houses, so we've replaced them with Facebook Live Open Houses. We're doing home evaluations virtually, doing video guided tours of homes live on people's devices, and have even implemented virtual feature sheets in our listings.
There are some things that COVID has brought that will make industries like ours that much better when we are out of the woods. I'm excited about it!
Now That You Are Working From Home, and Home Schooling, Is Your Internet Safe?
We had a chance to talk with Gentry Petrescu of ION United, a leading Cyber Security Firm that helps major corporations stay secure. If it's good for them, it must be good for us! Check out the video interview we did with him below, and click on the image for our blog on some tips to keep you and your family cyber secure!
When most people think virtual tour, they think cheesy piano music, and a collection of pictures edited together to pan across each room. That is not video marketing. Video marketing is about telling the story of the house while our professional videographer films the home in high def video. Check out some of our most recent home videos, designed to make your home stand out!
240 Auburn Springs Close
30 Tuscany Estates Pointe
22 Chaparral Valley Common
Get our leading edge video marketing working for you. Contact us today to find out how we can make your home stand out!
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The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.