The Pluses and Minuses of Listing Your Home During the Coronavirus Crisis

The Pluses and Minuses of Listing Your Home During the Coronavirus Crisis
Adapting to a shifting market.
Adapting to a shifting market.
Adapting to a shifting market.

Making Your Home Dreams Reality

Silver Burtnick & Associates is committed to “Making Your Home Dreams Reality” by offering you the best advice, even in a horrific situation like the one we are living with today. Sellers are selling and buyers are buying. That decision is a very personal one and we are here to guide you through.

Spring is finally and it is normally our strongest market though COVID-19 has led to a slowdown. We are experiencing a time like no other in our history and it is hard to think that it will not be followed by serious economic fallout.

In the past weeks, we have seen sales accomplished through our use of technology, we are still getting calls, appointment requests and have noticed a huge increase in traffic on our websites. The question remains: Should I even bother to list my house for sale?

Let’s review some of the positive and negatives of listing under coronavirus protocols:

On the plus side:

1)    People are at home and spending more time on the internet looking at homes (Google sites about a 20% increase in online use).

2)    Mortgage interest rates are low and are forecasted to stay that way.

3)    The economy is going to be hard hit. Many businesses and stores will be forced to close their doors and the ways of shopping will change. Economists are forecasting a great shift to come.

4)    The only market we are sure of is “today”. However, my experience tells me that if the market slumps, then it is better to sell at the top of the slump rather than waiting until the market rebounds. Historically that is a two to a three-year window.

5)    The real estate industry has embraced technology with staging, viewings, offers, sign-backs, inspections, financing and closings being handles virtually. Seek out the creative agents who will facilitate your decision.

6)    Silver Burtnick & Associates is using all the tools at our disposal to market without access (if needed). Every day new technologies are coming into the marketplace to assist us to reach the next level in virtual marketing.

7)    There is a basic need for more homes in the Greater Toronto Area. There is still more demand than supply. Supply is even be less today as sellers have been reticent to go to the market due to Coronavirus.

8)    Whether the market is up or down, it is the delta between what you buy and what you sell that seldom changes. Stay focused on the delta.

9) Nobody will know that your house/condo/home is available for sale until you list it, have it on the MLS and have it properly exposed on multiple websites and social media

On the minus side:

1)    It means preparing your home with the assistance of our stager virtually to make sure that it is at its best and following through or providing vacant access over a period of time.

2)    Access to the home for photos, virtual walkthroughs or 3D Matterport photos must follow the strictest of procedures and protocols, however, at the end of the day even with the best of protocols being followed there is a chance of infection.

3)    We will have to be very sensitive to our list price. After 16 years of price increases and a strong market, you may not be comfortable with getting less than your neighbour got last spring.

4)    If you sell and cannot find what you want, you may have to rent for six months or a year. However, we expect that the rental market will become much easier to deal with in the next few years.

Taking the leap to the market at any time is a risk. If there is a need to do so today, write down the pros and cons as they apply to your personal situation.

Your realtor is there to provide guidance and to answer your questions. Make sure you are assessing your situation and what a sale of the property will accomplish for you. Challenge often brings opportunity.

We are concerned with the shift in the economy and of course, sympathetic with the stress that the unknown may have for all of us both in health and daily life. We are happy to be your guide through whatever decision you choose.

Feel free to connect at any time. We love to talk about real estate!

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