Social Distancing and Real Estate
Since March we have been practicing social distancing and it has had us make some adjustments to how we operate our real estate business. Since these measures were put in place, they have caused many business to close, and because of this, many people have wondered whether or not real estate is in fact an essential service.
The truth is, REALTORs are an essential service, as it has been classified in both Canada and the U.S., some believe that it isn’t an essential service. While that might come from a good place, it just isn’t true. The consequences of closing down this type of business would be detrimental to so many and for many reasons.
It’s true that RE/MAX lobbied and continues to lobby for real estate during this time, that it is an essential service. With some agents advertising to their clients to hold off on selling, it’s important to understand that in a normal situation, waiting isn’t an option for many people.
One issue is that when someone has already sold their home and now has to look for a new one. It’s can be true that many of Canada’s housing markets were in the sellers territory earlier in the year, and with a low housing supply and a growing demand. it has motivated a lot of homeowners to list their property.
Anther issue is that, for some, it might be that they have to sell to finance the new home they’re already agreed to purchased. There might be a situation where a family is living in a precarious place, and have no choice but to sell and move. Other reasons could be that the neighbourhood has crime or there are unsafe conditions within the home, these issues along with many more, might be what forces someone to sell.
It was reported recently that Canada’s unemployment rate in March 2020 reached 7.8%, that’s up from 5.6% in February 2020. Also, incomes are down, while monthly bills continue to come in.
This Spring has made it clear that the real estate market is not as busy as it would usually be. This is due to the fact that there is a global pandemic, preventing Open Houses to take place. The real estate industry has taken steps to ensure the safety of clients and REALTORs, but using virtual tours and other technologies to limit face-to-face contact.
Real estate agents have been able to adapt their business procedures to make sure they are following the guidelines set out by the government. These include digital listing presentations, virtual open houses and showings, video conferences, e-signatures and more. RE/MAX agents have been doing completely digital transactions, and clients have been open to these new ways of conducting business.
Contact Lori VanDinther
If you’ve been thinking about selling, buying, or have any questions about COVID-19 safety measures, please contact Lori today. We know this is an unprecedented time, Lori and her team are working hard to make sure clients safety is number one.