Something that I get asked almost daily is, “How is the market now, due to Coronavirus?” It’s something that is hard to answer, as it really is a continually changing and evolving topic. It is completely unprecedented and no-one really knows the answer to anything. Even the Government and its departments. It changes daily.
In the short term, the answer is simple. A lot has changed, but not much has changed! Life as we know it has changed. This is the new normal. But, people still need to live somewhere, so people are still buying. In fact, there are probably more people that are buying than those that are selling. The people that have sold in January, February and March are still actively searching for something to buy, as their settlement draws nearer. In turn, the people that these buyers buy from, then need to find something. What we are seeing right now, is a shortage of stock. So, prices remain pretty stable, even in these testing times.
Oe major change, is the way inspections are done. Open inspections are no more and social distance is the new buzz word. However, this has filtered and separated the good buyers from the lookers, as it requires more effort now to view a home. So as a seller, or an agent, you know that the people that are viewing houses in the current market are mostly qualified and ready to go.
In the short term, the market seems strong. The real unknown, is what lies ahead in the next 6-9 months as we start to return to “normal” life and the deferred periods for rents and mortgages are lifted and the backlog of owed payments are required to be made. If only we had a crystal ball!