COVID-19 UPDATE: Real Estate Agents Deemed an Essential Service
Wednesday Mar 25th, 2020Share
The Covid-19 Pandemic has not only changed the way we live but it has also changed the way we all do business. The Real Estate Market is no exception to that fact and we are able to quickly adapt to the demanding and changing needs of our clients in today’s housing market.
On March 23, 2020 the Provincial Government deemed Real Estate as an essential service, which comes as no surprise to many of us. Despite what some people may think, there are still buyers looking to buy and sellers looking to sell, so in the world of real estate it is business as usual with a slightly new approach.
More than ever, people will rely on the “virtual” experience when it comes to both buying and selling a home. This concept is nothing new - it just has now taken front and centre stage, and rightfully so. Afterall, technology is a powerful tool that has complimented the real estate market for many years. It has been a longtime support system that has met the ongoing needs of many buyers and sellers and continues to do the same now. What was once considered an alternative way to search for and market homes, has now become the preferred method...at least for the next little while.
Our office appointments continue to reflect both buyer/seller motivation and fair market value when it comes to home prices.
March 15-21, 2020
The first week of office closures at RE/MAX Niagara & Escarpment brought predictable drops in the number of appointments made. 1641 appointments were booked last week - 50.4% less than the previous week, however appointments are still 10% higher than they were in March 2019.
Our Sold/Appointment Index sat at 16.1 appointments on average per property sold during the week. We still had 102 properties sold during the week showing that the market remained quite active.
Price points in demand in Hamilton were solidly between $350-$600k. Burlington, once again, saw low-mid-high price range demand, however the luxury price point was in less demand than previous weeks. Niagara’s price ranges remained between $250-$600k.
In response to COVID19, all open houses will be suspended until further notice. We have adapted our office hours for support staff to continue to serve the public and meet their needs during their home buying and selling process.
Update: BMO, CIBC, National Bank of Canada, RBC, Scotiabank and TD Bank said late on March 17 they are allowing mortgage payment deferrals for up to six months as part of extraordinary measures to help borrowers struggling with the financial impact of the COVID-19 health emergency.*Source- BY ERICA ALINI GLOBAL NEWS
Marketing Your Home
We have the extensive technology and resources available to help effectively market your home and connect with potential buyers.
Here are just a few ways we will continue to serve our clients and maintain our high-level of service during the home buying and selling process.
Virtual Open House & Tours: The use of video technology will enable us to recreate a floor plan property walk through and provide a virtual reality open house experience. Popular apps such as Facetime or Facebook live will enable agents to do a virtual walk through to give potential buyers a closer look at the property.
Virtual Staging: In place of traditional staging techniques, the use of virtual staging replicates the need to fill an empty house without all the hassle of moving real furniture in and out which not only saves time but money too.
3D Interactive/Virtual Tours: Using technology enables us to capture images of your home with stunning detail and precision.
Online Home Search: Our website and MLS system is available to the public to assist in your home search and provides the most comprehensive source of home data online.
Virtual Offers: Technology such as Google Docs simplifies the process of viewing and sharing documents such as offers and agreements.
Virtual Closing: Agents are no strangers to using e-signing technology such as Docu-sign and mobile notary services in order to ensure all requirements are met to finalize the deal.
Digital Marketing: Through the use of social media platforms such as facebook, instagram, twitter etc. we are able to reach a broad audience online to effectively market your home.
Print Marketing: Professional print marketing has always been part of our marketing package. This includes the use of high quality brochures, flyers, and postcards with the professional grade photography and graphics to further market your property.
Market Updates & News: Through e-newsletters,e-flyers, and emails we are able to share listings and pertinent information relating to the community, real estate, and the sale of your home/property.
There is no denying that the COVID-19 Pandemic has drastically impacted our economy and the Real Estate sector as we know it. Despite the obvious challenges and increased uncertainty, one thing is for sure…..there will continue to be buyers and sellers. The fact remains….we all need a place to call HOME.
The real estate market has faced challenging times in the past and have always managed to thrive in the end. We will be facing difficult times in the coming weeks, but we are confident that the real estate market will remain viable. With interest rates at an all time low and the flexibility of government programs for first time home buyers, the concept of buying and selling a home in today’s market remains feasible and attainable for many.
We will continue to monitor the real estate market trends and provide you with important updates through our website, monthly e-newsletter, and social media updates. While we remain open for business, we promise to take all necessary precautions as recommended by the various health agencies and government.
In the meantime, if you or someone you know has any questions or concerns regarding purchasing or selling a home, please do not hesitate to contact us.
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