After several days and countless conversations, I’m still trying to wrap my head around what’s currently unfolding in front of us. Watching this pandemic come right onto our doorsteps and cause day to day life to come to a screeching halt feels surreal.
This is obviously a much bigger issue than real estate. This is something we are dealing with on a global level that has life and death implications. The entire world wouldn’t be going on “pause” if it wasn’t a serious issue which will in turn have huge ramifications on the entire global market.
No one knows what is going to happen. Everyone has an opinion. Some people think this is a minor hiccup where life and the market will rebound quickly and others think the world is ending. While my thoughts aren’t nearly as drastic or optimistic, moving forward, I think we can agree nothing will ever be the same.
While our office has been closed for a few days and will continue to be indefinitely, we are still available to answer any questions you may have. We are doing our best to limit exposure and will not conduct any face to face business for the next few weeks. However, unique circumstances are also cause to adapt and improvise. I’ve already had multiple meetings and consultations over zoom and other platforms and I’m available to chat, since, well you know, we’re all sitting at home.
People keep asking me what I think is going to happen? Is the market going to crash? Will it be a short drop with a quick rebound or is this the match that lit the fuse to a much larger global issue. How long will we be dealing with the repercussions of everything that is happening?
I don’t know. No one knows. Everyone has an opinion but no one has a crystal ball.
The same people have asked me what they should do. Should they sell now? Wait a few months? Hold off indefinitely? Is now a good time to buy a home?
I keep telling them, it depends. It really does. It depends on your needs, expectations and ability to let this play out.
While we are doing whatever we can to go along with this shutdown, we understand that some people just cant hold off for a variety of reason. We have clients who’ve already sold their home, clients who are in the middle of their transaction and sellers who we have been prepping to go live on the market over the next few weeks. How do we move ahead?
Buyers. One of the first questions our team will ask at a consult is how long do you expect to be at this address for. If it is under 3 years, we might even recommend you to rent, and if you plan on being here for 3+ years, we should have ridden this market cycle out by then. Rates are low and while you will have less inventory to choose from there will also be less competition. The fundamentals of Durham Region haven’t changed and once things go back to “normal”, the story will continue to be how Durham Region is going to continue to experience growth.
Sellers, lets talk about WHY you are selling. Getting a listing prepped and shown will have its own unique challenges in addition to the reduced pool of buyers and negative market sentiment. Holding off may be a better idea than trying to sell in turmoil times but at the end of the day, we will do what the client asks of us, to an extent. (No listings will have open houses and we are still working on the processes to protect everyone involved in daily showings).
It's important to have open and frank discussions with every single one of our clients to discuss potential issues, roadblocks and how best to move forward. We have clients who have decided to hold off, and we have clients who we will move forward to help buy or sell real estate.
While there is still plenty uncertainty where we keep learning more day to day, here’s what we do know.
The market will experience volatility in the immediate future due to the uncertainty. The next few months are going to be extremely challenging but eventually things will rebound. We will prevail and life will continue to chug along.
We will be here every step of the way to help, however we can. Whether you need resources for the mortgage deferrals, a contractor for an emergency repair or just want to chat. Shoot me an email email@example.com, a text 905.999.9481 or just reach out to me on social media.
If you are in need of essentials, or have an item you cant seem to find at the store, do not hesitate to reach out. We’re making runs to Wal-Mart and Costco for people in need and will also keep our eyes open for specific items.
Lastly, thank you to every single one of our health care workers, first responders, grocery store workers and delivery drivers. We owe you all a huge debt of gratitude.
Tl;dr- real estate is not a priority for most people but if it is for you, we are still here to help. Hope you’re staying happy and healthy folks.