Coronavirus and Real Estate: What You Need to Know
It’s safe to say that 2020 has not been the year that most people imagined. With the recent switch from office work, busy stores, and constant local and global travel to a remote and almost entirely quarantined lifestyle, you might be wondering what this all means for your moving plans. Fortunately, with any challenge arises opportunity, and it’s no different for Oakville real estate. Whether you’re thinking of buying or selling, or are already in the process, here’s a look at the current state of affairs and what steps local realtors have taken to keep the economy flourishing.
Some Key Advantages in The Buyer’s Market
If you were considering the idea of shopping for a home, you might have just entered one of the best times this year to buy. While many houses were initially pulled from the market, as we near the return to an open economy, sellers are projected to relist their houses. An initial drop in prices is also expected to occur as a result of the economic downturn. So, if you’re in the market to buy, be sure to follow market trends closely as the perfect time may be just around the corner.
A Steady Return to Great Selling Prices
If you were hoping to sell your home this year but are nervous about this end of the market, know that good opportunities can be expected here too. It’s all about timing. This is also where opting for the help of a realtor can earn you more for your home as they have the local area expertise that you may not, and they have access to a buyer’s market. For example, there are trends in different areas that are seeing the demand for condos for sale below the $600,000 mark growing at an increasing rate. In others, newly developing areas are seeing to-be developed luxury condos and homes sell out, regardless of the current situation.
You’re probably thinking that open houses have ceased to exist, but that wouldn’t be entirely accurate either. In fact, open houses have not only continued to take place in person, many have also moved online. For the in-person open houses that have continued, many precautions have been put in place to ensure the safety of everyone participating.
If you’ve been shopping for an Oakville condo for sale or even homes in the area, you’ll notice that masks are worn by everyone entering the property; there’s always access to hand sanitizer; and the maintenance of a safe social distance is kept as much as possible. This has proven to be a local success both in terms of safety measures and the success of the transaction.
While many think that virtual tours will become the primary option for an open house going forward, this format has actually been widely used for a few years now. Thanks to the progressive minds in the industry, real estate investors have been enjoying high-end virtual tours from both a buyer’s and seller’s end. For instance, the market for Oakville waterfront condos and houses for sale has peaked international interest, making high-quality virtual tours a must.
One exciting thing that we can expect in response to this pandemic is an increase in the application of emerging tech, such as augmented reality and virtual reality. These respective softwares can be used to enhance virtual tours used in displaying houses for sale. Although these fields have already made their way into real estate, the push for safety through remote visitations will mean a faster adaptation to these emerging areas.
There’s no doubt that the real estate market has been impacted by Covid-19, including Oakville homes for sale. That said, the nature of the situation has affected the market quite differently from traditional market downturns. If you look at pre-pandemic sales for Mississauga condos and properties in the Toronto area, “There were 4,643 sales reported… accounting for 58 per cent of total transactions and representing a 49 per cent increase compared to the first 14 days of March 2019.” Despite this statistic as representing pre-quarantine numbers, experts are suggesting that they could be an indication of a return to these accelerating market prices, even if it takes until early 2021.
This is due to a combination of factors including a return to employment for millions of furloughed Canadians coupled with a crunch on the supply side of the market, which will lead to increased demand as per traditional market forces. So, while the market might not bounce back as early as tomorrow, now is the time to start building a strategy for your future real estate plans.
For Advice on Any of Your Real Estate Needs, Consult the Experts
The year may not have begun how we had all hoped, but that doesn’t mean it won’t finish up strong. Don’t get lost in a sea of negative headlines, and instead take a strong stance at building future-proofing strategies, starting with your real estate investment. If you were keen to browse through Oakville condos or were still looking to sell your home, reach out to our team at Alex Irish. As leaders in the local and global real estate markets, we can answer all of your questions and get you back on the road to making a great investment in real estate and your future.