housing market update

Social Distancing in a Social Business 

It’s been hard to pay attention to anything other than the news of COVID-19, its profound impact across the world, and its significant impact on all of us locally. We hope you and your family are all keeping well and staying safe during this uncertain time.

This pandemic was something none of us could have predicted and is going to have a negative impact on many families and small businesses. 

We have also seen many positive things happen in our community during this unsettling time that have warmed our hearts and filled us with pride. 

We are doing our part to make sure you and your family can safely proceed with your real estate plans, whether those plans involve a move or to staying put.

We will continue to be your go-to for all things real estate providing trade referrals, design and renovation advice, and strategic market advice.

Changes to our daily practices to ensure the health and safety of our clients:

  • Client Meetings to be facilitated virtually
  • Limiting the number of people entering your home during listing preparations 
  • Increased pre-qualification of all prospective buyers requesting viewings
  • Extensive marketing including virtual tours, detailed marketing videos send ahead of any visits to ensure the right buyers visit your home
  • Private Viewings only with limited number of persons present
  • No Open Houses
  • Pre-screening homes for our buyers to limit their exposure when choosing homes to view
  • Working from home as much as possible, but remaining available to all of our clients

In keeping with the Real Estate Board and Council we will be following strict protocols when viewing properties. We will not be holding open houses. All showings of homes will be pre-qualified to reduce unnecessary visits, restricted to those who have not been out of the country over the last two weeks, nor exhibit symptoms of COVID-19, by appointment. We will reduce the number of people viewing homes and restrict the viewings to the immediate buyer. We will ask others to allow only one of us to open doors and refrain from touching surfaces.

Handling viewings in this way will allow us to ensure a controlled setting. For example, all doors will be open so visitors are not touching doorknobs etc, and we would instruct anyone entering your home to please not handle surfaces and allow us to do it for them. We would also restrict the number of people allowed to view at the same time – no large family viewings, with multiple family members, friends etc.
 
Our extensive marketing platform allows us to digitally and virtually market homes and lifestyles. We will create a detailed video to send to prospective buyers and their agents ahead of setting up any viewings, in order to screen and pre-quality anyone before they come in. We will ask qualifying questions to ensure they have viewed all of the marketing materials and are familiar with all aspects of the property before setting up an in person viewing. We will be conducting virtual tours and business by digital means and will do whatever it takes to get the job done in a safe and healthy manner.
 
We appreciate our real estate community now more than ever and the wonderful people like you that are a part of our daily lives. Your health, safety and well being are paramount to us. At this time and always, it is important to us to lead and service with integrity, strategic advice, and your best interests in mind. As always, we are here for you and available to answer any questions you have.

SEPTEMBER MARKET UPDATE

Metro Vancouver housing market sees summer uptick in sales.

Home buyer activity increased to more typical levels in Metro Vancouver* throughout the summer months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019.

Last month’s sales were 9.2 per cent below the 10-year August sales average.

“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV President Ashley Smith.

For all property types, the sales-to-active listings ratio for August 2019 is 16.7 per cent. By property type, the ratio is 12 per cent for detached homes, 18.4 per cent for townhomes, and 21.2 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.

For the full article, click here

~by REBGV September 4, 2019