Real Estate is no exception to the ravages of the COVID-19 worldwide pandemic. The health and safety of our clients and the public is our first and foremost concern at Williams & Follows. If we have to stop trading, that is a price we’re willing to pay if we can help bring this virus under control. Here are some facts about the status of our industry.
1. Is It Crashing?
This is a pause in the market and a pause in society as a whole. The market was booming in 2020 due to limited supply and high demand. As a result of the pandemic, interest rates have moved lower and tons of money is being pumped into the economy in the relief efforts. More importantly, however, is what is happening with jobs. Layoffs are happening in some industries and we don’t know how long the situation will last. Stock markets and real estate markets don’t like uncertainty so for those people who must sell or buy in this market, you need to remember that markets move in tandem. If you get less for selling, you’ll pay less in buying. This was true in 2017 when the market shifted and has been tested through time.
2. Essential Services Only Just Announced
The Premier of Ontario just announced a province-wide implementation of essential services only. We’re waiting to see the list of those industries and companies but most likely, real estate may not be one of them. We’ve already put strong new protocols into place to protect both sellers and buyers in the showing of homes however this new direction may put a minimum two-week pause right across our industry. We’ll update as soon as we have more information.
3. How Long Will It Last?
Asia seemed to take about 6-8 weeks to get the spread under control. Even then, social distancing may continue to be the norm. The idea now is to get the “wave” of infections lower and more spread out so as not to overwhelm the health care system. Exactly how long this will take is unknown but at least Canada is taking action sooner rather than later.
4. What happens after?
Once the pandemic is over, and it will end, life will begin to rebuild. That includes the real estate market. We don’t expect it will be overnight but we also don’t expect a crash in prices when it does begin to crank up again. Remember where we left off. Interest rates will remain low. Jobs will begin to come back and just to keep things in perspective, many people will continue working during this time. We expect that demand will ramp up fairly quickly. But first things first. Jobs and our health care system will be the initial focus once we resurface. We will recover from this.
5. We’ll continue to work and provide information to our viewers
Our website traffic is going through the roof. People have more time at home and thus more time to web surf. We’re still listing homes and helping clients virtually. All of our listings will have IGuide Virtual Tours, allowing you to “walk” through the home on your own. Fortunately, this is happening at a time when technology allows us both to function and connect on high levels.
6. Our focus is on others
This is a time to reach out to the community and focus more on those in need. This includes both residents and our valued local businesses. Please support them in any, way possible. That’s what our team will be doing. Sending out information, connecting people to needed resources, providing market updates, looking after seniors in our towns, providing supplies and support. What we can do for others is only limited by our imagination. We’re going to recover and we’ll do so better by helping others. If you know of someone in need, please reach out to us. We’ll go to any length to help a neighbour in need.
7. Homeowner Assistance
Please click below for a complete rundown of Homeowner Information related to COVID-19. There are many resources available to help you protect your most important asset!