As we have seen, the spread of COVID-19 has had a major affect on the stock market with "key Canadian and U.S. benchmarks approaching bear-market levels amid plummeting crude oil and deeper concerns about the economic damage caused by the spread of coronavirus," the Globe and Mail reports. What does the virus mean for the local real estate market?

  • Real estate is known historically to be one of the most comfortable investments in times like this, because people need shelter even amid the panic.

  • We suspect that listings may come to the market a little slower during the beginning of the infamous Spring Market, as sellers are uncertain about what will happen amid all the breaking news stories related to the virus.

  • Our suggestion for sellers: Beat the market! Your largest competitive advantage is to get to the market before the rest of your competition, and between now and July is when the majority of houses will be listed. 

  • Our suggestion for buyers: Use this time of uncertainty to your advantage. We have seen a slow down of showing appointments over the past few weeks, which may lead them to accept offers they would otherwise never consider.

 

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If all the realtors in the world were like Taylor and the team, the world would be a better place. Taylor is a great negotiator, a nice person and I’m pretty sure a mind reader. Thanks team!
— Mel Elliott, RankMyAgent.com