Covid-19 Real Estate Series – BUY Safe, SELL Safe, STAY Safe.
Selling your home in a changing market and during COVID is not as it used to be. The reality is that this is not the best time to sell your home, but if you need to sell because your circumstances have changed, it’s actually not the worst time either – homes are still selling quickly. We have seen a slight drop in prices in Toronto and the easiest comparison is to relate prices to what we were seeing last fall in 2019.
You’ve made the choice to sell. Now what?
Hire an expert! It’s no time to fool around trying to sell yourself or hiring an inexperienced agent. You need a realtor who is fully COVID -19 adapted with all new protocols and marketing in place. You need someone who is really in tune with the changes that have happened over the last two months, and who is keeping their finger on the pulse as things are changing quickly often week by week.
So what can you expect as a seller during COVID-19?
The process is different from what would have happened pre-COVID. Firstly, we need the home to be vacant during the sale of the house as buyers need to feel comfortable coming in and out. Secondly, expect fewer showings. The good news is in this market fewer showings doesn’t necessarily mean less interest in the property. The really serious buyers are the ones physically going to see homes in person. Where as before some showings would have been looky-loos! Thirdly, you may need to consider an offer with conditions, especially on financing. With an unpredictable market, banks are urging buyers to double-check their mortgage approvals before finalizing a purchase.
The offer date strategy has also changed. High demand areas, especially in Toronto’s west-end neighbourhoods, offer dates are still happening. However, you will also see many properties listed at a buy now price. Which strategy will suit your sale? Well, that really depends on your price point, type of property and location. Realistically, each situation is different and each sale needs to be assessed on a case by case basis. Timing is also an important factor as we are seeing ups and downs in the market week by week. If you are thinking of selling in the near future, it is a good idea to start working with your realtor now to get your home ready and in tip-top shape. Your realtor will have great insight into timing the market.
If you want to chat more about your specific situation we are here to help! Talk Soon!