How Canadian Real Estate can continue during Coronavirus COVID-19 has hit 2020 like a wrecking ball, slowly making its way across borders. Social distancing has us all pressing pause, letting go of priorities in favor of time spent indoors, connected only through our screens. Alas, in the real estate market, even amid a global pandemic, there are still sellers who need to sell, and buyers who need to buy. Lucky for us, in this age of technological glory, real estate agents have access to some great solutions to ensure that processes remain safe, and transactions can continue to take place. This too will pass, and in the meantime, we can all use a little creativity to ensure that our brief pauses don’t turn into a full stop. Let’s see what ReMax has to offer about the situation we are facing in the real estate market.
Great News for Buyers
Finally, a silver lining to COVID-19 mark on the markets: if financially possible, it can be a great time to buy a home with interest rates being the lowest we have seen. In response to the viral outbreak, banks worldwide have been cutting interest rates. The Bank of Canada cut the interest rate for Canadians by a full percentage point earlier this month. As a result, prospective home buyers looking to get a mortgage can now expect to borrow at a decreased rate. With fixed-term mortgage rates also on the decline, homebuyers have the flexibility to borrow more and aim for a higher home price or get a better mortgage rate and have less expensive mortgage payments. So, with buyers in a good position to buy, how are real estate agents helping to make home sales happen, particularly in the wake of temporary social distancing?
Leverage Technology for Real Estate!
Big advances in technology have ignited a fundamental shift in the real estate industry, and it is now easier than ever to gain a wealth of knowledge about a home, condo, townhouse or any listing from the online listing alone. Floor plans, detailed descriptions, panoramic pictures, and video tours allow the buyer to get a good feel for a home, before ever setting foot within the property. With a greater segment of the population glued to their screens during isolation measures, there could be a marked increase in recreational and serious buyers browsing the online marketplace. Agents will be ensuring more than ever that their online listings are as detailed and alluring as possible.