Let’s start with market trends. The press release below from our real estate board quotes sales volume. Volume is up and that’s good. The more important stat to us is value. Buyers had been hesitant in the hopes prices would fall a little more. That hasn’t been the cases. Prices have been climbing steadily since December.
Historic trends suggest that growth always continues until April or May. This year could be the exception.
What might happen if the region goes into some form of ‘lock down’?
I’m writing this on March 13th and up until today homes have still been selling aggressively. Even last night I saw a house get 5 offers despite the looming concerns. We have a plan here at The New West Guys to severely limit the transmission of germs. We will continue to facilitate showings while protecting all parties involved.
How will it affect the market?
A segment of the population will withdraw from the process. Volume will go down and it will probably stunt the growth we have been seeing.
How do you succeed?
Buy at the same time you sell. If you are only selling and you can wait, you will probably get more money if you wait it out. If you’re buying and you see something you like, we recommend you go for it. Of course, we will have to discuss value of your home in that moment.
Interest rates are fantastic. Properties will be cheaper. The price gap to move up will be smaller. It could be a good time to make something happen, although the sentiment from the media and the stock markets will be very negative. The net result for a prudent buyer could be very positive.