It has become clear that the world is facing some challenging times with what’s happening with COVID-19. I am committed to keeping my clients, community and family safe and healthy. If you are concerned with being in public and practicing social distancing, I am willing to pick up toiletries, pet food and groceries for you. If you need anything, please reach out to me!
How then, has COVID-19 affected the real estate market in Vancouver, especially as we enter the spring market? Some of my buyers and sellers are on hold for now and I’m 100% supporting them in their decision. Some of my other clients do NEED to sell or buy and we’re carrying on with our safety protocols in place, following guidelines from the real estate board, health authorities and governments.
It’s clear that the COVID-19 will have an impact on the economy and the housing market. Stocks have fallen, entire industries are putting themselves on pause and businesses are taking hits. With unemployment rates increasing, many people will have less access to money and their wealth has been diminished. For a lot of people with wealth tied up, capacity for many people to use that wealth to buy into the housing market has been reduced.
There will be a pullback by buyers and that will take momentum out of the market, and we could see price decrease, but real estate will ALWAYS carry on because everyone needs some place to live. With interest rates dropping, this may offset some of the headwinds in the housing market and some home buyers may see this as a good opportunity to enter the market. When the stock market sees huge volatility, we see a bump in real estate because people are taking their money and putting it in safe hard assets like real estate.
Ultimately, you have to decide what’s right for you as a homebuyer or home seller. My job isn’t to push you into a decision you’re not comfortable with, but rather to help put your mind at ease and design a plan to support what objectives you’re looking for. There is so much we don’t know what the next few weeks or months will bring, but we are all in this together. So let’s support one another, stay home, practice social distancing, wash your hands, be kind, help flatten the curve. Stay safe!
Kim Lee PREC*
Oakwyn Realty Downtown Ltd.