Buying and Selling a Home during the Pandemic
Buying and Selling a home is not easy!
Buying and Selling a Home during the Pandemic: In May.2020; real estate market sales were keeping in a downtrend. Some economist predicts the price will be dropped 15-30% in the next two years. Even ICBC predicts the home price will be dropped 5-10% from 2021 to 2022.
If you are planning to sell a home, have a look at what the economist says
UBC housing economist Tom Davidoff says that we have not seen a lot price movement on housing price due to fewer buyers; on the other hand, fewer home sellers as well. That could explain why the housing price reduction limited so far. However, as time goes by, we will see a lot more forced sale in the housing market; or the sellers decided it is time to sell.
Ran, a real estate agent has the following Suggestions for home sellers:
- Listing price – do not use yesterday’s price to list your home for sell now. The listing price must be close to the BC assessment
- Ask your listing agent to create Virtual Tour – it really helps due to the social distance
- Stunning images – some realtors don’t recognize the power of the images, so they probably use their mobile to take several images and list your home – ask your realtor to get you some stunning images immediately
- Knowing the market – every seller wants to sell a higher price, however, you need to know more about the real estate market and your competitors (sellers who sells the same type of properties in your community)
Suggestions for home sellers:
- If you could wait, wait a bit longer, the home price might go up and down – but at this moment, I will say there are higher chances to go down on housing price
- Do more homework on the housing market’s data; eg: xxx Fleming st, what BC government assess its value? How many condo/townhome sold in the past 6 months in this area? What was the selling price? You need to work with your realtor to get all this kind of information.
- At Buypropertiesbc.ca – we provide basic analysis for each home listing; such as the house’s advantage and disadvantages. Furthermore, we also provide MLS Listings Vancouver‘s sales data on each specific community; eg: Yaletown, Metrotown, Downtown Vancouver……
Hopefully, the economy to bounce back, with the speed of the recovery will be key in whatever happens in reality.