HOW IS COVID-19 AFFECTING OUR LONDON REAL ESTATE MARKET?

Until a few weeks ago, it looked like the Spring Market was going to be shaping up much like last years – definitely a sellers’ market with insufficient inventory. In reality, many people who were considering buying or selling might be reconsidering due to concerns over the pandemic. This could potentially lead to a slowdown in the spring market before it even gets started. Schools and business have closed, stock markets are tumbling and entire industries have been put on pause.Here in London we as Realtors® really have no way of knowing what the long-term effect will be on the market.Now for the good news! In spite of everything, the average price of a home in London exceeded experts’ expectations for 2020. Incredibly, it looks like we could be looking at a repeat of the city’s record-breaking 2017 Real Estate season! Home sales in January were only two deals short of the all-time monthly record, and February turned out to be the second-best February on record! Having said that, things are definitely slowing down, giving us time to reconstruct our business to address the new reality we find ourselves living in.The fact of the matter is that people need homes! Real Estate is still deemed an essential service by the Government of Ontario. That means we can still be actively buying and selling homes…..we just need to change how we go about it! More and more we are using technology to help both our clients and ourselves through the process. We use virtual tours, electronic signatures – even virtual reality 3D Tours!While you may consider this an odd time to be considering buying or selling a home, many of us have good reasons for making a move, and our job is to make sure that the process is as safe and stress-free as possible!