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Real Estate Takes Some Turns Written by Andrew Rivett and Shelley King
he shock and uncertainty for consumers and Realtors alike initially was nothing anyone has ever experienced in our recent history. Stay home, social distance, wash your hands, flatten the curve is the message that was driven home. The Real estate market felt the freeze as well; the phone stopped ringing, emails and internet enquires dried up, clients looking to view properties backed off, some seller clients put plans on hold. Those clients and agents who had transactions in progress struggled to try and figure out how they could move forward and which links in the chain potentially were going to break.
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Whilst the Real Estate industry has been deemed an Essential Service, that does not however mean business as usual. Adaptations quickly rolled out and Real Estate governing associations and local boards alike quickly restricted public attended “Open House” events, local offices closed to the public and restricted agent access as well as implemented protocols and strategies in how to safely support our clients, staff, and agents began. There always has been and always will be the need for Real Estate to move. It doesn’t matter what is happening with the economy or what industry is having a downturn. This situation however different, the reasons for buying and selling remain the same. Continuing scenarios such as; 'my rental has sold and market rent is
equal to a mortgage', 'interest rates are good', 'I just got transferred or took a new job on Vancouver Island', 'estate sales’, 'change of living arrangements', 'retirees downsizing', 'our family has outgrown our current home’, 'time for assisted living’ and 'my employment is not affected by COVID-19'. Every consumer (whether buyer or seller) and agent may have a different risk tolerance and the new norm in real estate viewing, selling and buying has changed. Listing agents are monitoring their seller’s status by asking the present health of all members living in the home as well as anyone who has recently been traveling. The same questions are asked of buyers and the buyer’s agent. Are you required to be in quarantine? Prepare for the showing by turning all the lights on to avoid unnecessary contact points. As a buyer, prepare for success! If borrowing get a pre-approval including 2 years of CRA Notice of Assessments, credit check, and investigate how the STRESS TEST will have an impact on your borrowing as requirements are much different and there are many changes. View all info available (pictures, 3d tour, property disclosure statement, title, zoning). DRIVE by the homes to make sure curb appeal, home setting (driveway, lot features, neighborhood & neighboring properties) meet your wants & needs prior to booking an ap-
