COVID-19 Vancouver Real Estate Market Update

By: Josh Kepkay

COVID-19 Vancouver Real Estate Market Update

Tags: Learn

To help prevent the spread of COVID-19 (Novel Coronavirus), we are offering live video tours of Lower Mainland properties upon request. Respond to this email or call 604-313-9805 to schedule a video tour of your favorite listings. 

Covid 19 is here in Vancouver BC and the effect on the Vancouver real estate market will be significant. This is a serious health matter that should not be taken lightly. Here are some thoughts about how it will impact the market: 
- Stock markets are down considerably and people have seen their down payments and overall wealth decrease dramatically
- Interest rates have been slashed making mortgages cheaper and allowing Buyers to qualify for a higher mortgage
- Open houses will be canceled and private showings curtailed
- Recent momentum in the market will be reversed temporarily
- More Sellers will delay listing their homes for sale
- Serious Buyers will continue buying and will see their negotiating powers increased dramatically

What should you do if you are Buyer: - If you are serious about buying, take the necessary precautions to protect yourself and the people's homes that you are going in and continue buying
- Keep in mind that this break in market momentum is temporary
- Realize that you have more negotiating power now than one week ago.

REMEMBER: Be mindful when viewing properties. Use hand sanitizer before and after each showing and wear a mask if you have one. Someone is letting you into their home. Respect that.

What should you do if you are a Seller: - If you are not a high-risk member of the public, do not hesitate to list your home for sale
- There will be decreased supply on the market
- Remember, you are always in control of if you sell or not. You never need to accept offers that are less than which you want
- It may take longer for you to sell your home, but this may not negatively impact your home sale.

There is much more to say about this topic so please call or message me (604-313-9805) for more information. Stay safe.

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