Market review at the end of March 2020.
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How’s the Market?
In all markets, at all times for both buyers and sellers this is the single most-asked question and right now it’s on a lot of peoples mind.
Uncertainty always affects markets and generally in a downward trend which is very evident in the stock market, but in the Real Estate market I don’t see that kind of reaction. There are a few sellers that are fearful (this is normal) and are reducing prices or prepared to take a substantially lower price due any number of reasons and there are buyers who are looking for those great deals but we are also seeing multiple offers on well priced homes as recent as this week.
The housing supply inventory is low and in some price points and locations, it is at record lows. With low inventory and an abundance of willing buyers, prices will not drop. In our area there is just too much demand right now to see the market values fall and in light of the recent pandemic, I forecast that we will see buyers coming to the island from larger centers (Vancouver, Calgary, Ottawa etc) in record numbers over the next 12-18 months.
My advice to sellers is, if your home is vacant it will not hurt to get it onto the market. There are active buyers searching for homes and even if they can’t visit the home, buyers are on the internet much more right now and can really spend time with a virtual tour or video and be ready to view it as soon as travel is opened up. If your home is occupied, we can prepare everything and push forward with a strong ‘coming soon’ campaign and be ready to list with a days notice. Vacant land – list it right away.
My advice to buyers is keep an eye on the market. There will be some good opportunities and if you are ready to buy, acting quickly will be in your favor (this is almost always true). You may be paying market value but there are fewer buyers purchasing right now so you can negotiate a bit harder and may be able to save some money.
When the pandemic comes under control and our lives start returning to normal, I believe the Real Estate market will be as busy as any Spring market. In the meantime I hope you and your families are safe and healthy.
All the best,