Many of us are dealing with different issues in our lives due to the coronavirus outbreak. But anyone who was considering putting up their Markham house for sale before the quarantine was imposed has a uniquely challenging problem to solve.
There are differing opinions about the impact of the COVID-19 quarantine on the real estate market in Markham, Toronto and the GTA. It raises the question of whether home sellers should wait until quarantine restrictions ease before selling their house. And what to expect if you’re selling your property during COVID-19.
Of course, the uncertainty about the implications of coronavirus pandemic, in just about every aspect of our lives, means that no one can say for sure whether homeowners should wait before selling, or if right now is a good time to sell.
What to Expect if You List Your Home For Sale During COVID-19
If you have the luxury of waiting to sell your home, you’re fortunate. But, if you must sell your house sooner than later, here is just some of what you can expect when selling your home during COVID-19:
- Virtual Tours & Physical Showings – While social distancing measures are in place, some of the methods of selling a home have changed. Open houses, a valuable tool to show your home to a large number of buyers in a short time, are no longer practical. Virtual tours, showing online information, images and video of your home, have taken their place. Still, buyers who are interested in buying your home generally want to see it in person before making an offer. Be prepared to take steps to allow that to happen safely.
- Home Sales, Listings and Prices – There’s a lot of confusion surrounding some of the real estate statistics being reported in the media. Here’s a clarification of recent statistics.
- Home Sales – This is the number of homes sold during a particular period of time. Recent statistics show the number of homes sold during COVID-19 is understandably lower, recently over 60% lower, versus a year ago.
- Home Listings – This is the number of homes put on the market during a particular period of time. Again, understandably, there are fewer homes being put on the market during COVID-19 versus a year ago.
- Home Prices – Generally, this represents the average price for a home of all types, including detached, semi-detached and condos. If you are concerned about how much you will get for your home, this is a number you should look at. Unlike numbers of sales and listings, so far, GTA home prices haven’t been significantly impacted by COVID-19. In fact, they were up 0,1% in April.|
- Talk to Your Real Estate Agent – Even by the time you read this article, real estate markets, and what you should expect from them, may have changed. It is more important than ever to find a reliable realtor who knows your area and what’s happening there right now. The Tar Team has helped Markham and York Region homeowners get the highest value for their home for over 35 years. We have been operational throughout COVID-19 and we can give you up-to-the-minute answers about selling your home.
If you found this article helpful, check out our recent post “5 Predictions on the Effect of COVID-19 on GTA Real Estate”.