Updated: Dec 11, 2020
Selling in Today’s Market
In this world where everyone is trying to protect themselves from this novel Coronavirus, some people are thinking about selling their property and taking advantage of these unprecedented times. With the pandemic gripping the globe, great uncertainty and opportunity has got into the minds of sellers, but they’re really could not be a better time to sell your home!
Many people believe that it is now the perfect moment to get rid of their house once and for all and take advantage of all the opportunities. If you ask any well-known real estate expert, they will tell you that selling your property right now would be a certain wise choice with a list of benefits in today’s market for sellers.
Let us breakdown why you should be looking at selling your home in today’s climate:
#1 Home Buyer Demand is Bouncing Back
The Coronavirus outbreak may have halted the real estate market back in the spring, but as more restrictions are eased in Canada and around the world the home buyer demand is bouncing back. This has seen a huge demand in buyer demand across Metro Vancouver.
For many buyers, they are looking to hurry to make a great purchase to make up for that lost time earlier in the year. This has seen a positive impact on the global real estate market, as it grows back to its original position. According to reports, home sales have increased by 44%, a record high since 2001.
#2. Home Inventory Remains Low
As people around the globe are adapting to the “new normal” and the concept of working from home the demand for home buying has increased. Currently, there is a shortage of houses for sale to meet the ever-increasing demand.
One reason for this is due to people now spending more time at home than ever before. People want to ensure their home and new place of work is spacious and can accommodate the whole family. Another reason is the excellent government support stimulus to encourage new home buying across Canada.
#3 Home Prices Are Up
According to basic economic theory, as the demand increases, the prices of the product increases accordingly. Therefore, as we see a rise in house prices sellers can currently get great deals for their homes across Canada.
Prices of the average home has increased by 8% over the last couple of months as the real estate market continues to climb back. With house prices and demand up, this is an excellent time for sellers to sell their property.
#4 Homebuyers Needs Have Changed
This pandemic has made everyone realize the importance of the place they live whether this is the home itself of the neighborhood they are located.
With a growing shift of more people being indoors their needs for a new home have changed and changed for good. These needs are now to accommodate the new way of life, where both parents are working remotely, and the kids are taking online classes at home. This all brings new challenges in terms of what new buyers want in their home and so these needs have changed.
People are upgrading to bigger homes to accommodate this shift in work and education from home. This has seen them opt to buy property that has office space or spare rooms so they can work effectively without disruption from other family members.
Finally, with mortgage rates lowered across the country buyers are showing continued interest in buying homes at a rapidly increasing rate. If you’re considering selling your home, now really could be that perfect time!
Contact a Real Estate Agent Today
If your looking at selling your home the next step would be to contact a real estate agent that can guide you in your home sale.
A real estate agent can list the home for you, coordinate showings, market the property, and walk you through all the way to closing. Real estate agents will also have the added benefit of knowing the local market to help you price and market your home accurately.
Jinder Dhillon has over 10 years of experience in Real Estate, helping people find their perfect home. Jinder has sold over 100+ properties across Greater Vancouver and has been a member of the Real Estate Board of Greater Vancouver since 2010.
Contact Jinder Dhillon today here and he can provide expert advice helping you to find the right home for you and your family.
By Mark Ollerton - Freelance Writer