~ THIS TOO SHALL PASS ~
Over the past couple of weeks, we’ve seen many changes to our daily routines as a result of COVID-19. It has many on edge about the economy and the real estate market. We are only beginning to understand its destructive nature and the way this pandemic will transform how we work and live together.
I do understand, however, that the need to social distance from each other to curb this pandemic is particularly problematic when making the biggest purchase or sale of your life; this decision requires a high level of trust and a high level of interaction and asking you to reduce face time with an agent is a lot to ask.
As a full-time sales representative, I remain dedicated to participating in the global, national and local efforts to reduce the spread of COVID-19 and our offices have implemented strict policies to protect both our communities and agents. We have done this, however, without compromising our ability to serve.
I am committed to ensuring that all my clients come first. I will continue to serve the community and implement measures in order to keep everyone safe and healthy.
Here’s my take on what is going on:
Our Economy Will Bounce Back.
China and South Korea’s economies are already slowly starting to recover as new cases are declining and starting to flatline.
The Spring Market Will Be Pushed Back.
If people follow Health Guidelines and we manage to “flattened the curve”, we can expect the market to jump again in late summer or early fall. The pent-up demand could lead to another hot market later this year.
Real Estate Remains A Strong Investment.
Look at it this way; during this pandemic, our homes have become a safe haven, making it a very useful investment. This to shall pass, market fundamentals remain strong and housing is safe in the long-term.
There Won’t Be An Imminent Housing Crash.
Overbuilding has declined dramatically since 2008 — in fact, builders have been underproducing, and banks have increased regulations to protect borrowers from subprime mortgages. If the “economic quarantine” is short, real estate could bounce back quickly.
Buy Now If You Can, Wait If You Can’t.
Mortgage rates are at historic lows. If you’re worried about your job, pause the homebuying process. If you know you’re secure, now could be a good time to lock in a low-rate mortgage.
Now Is The Time To Be Smart.
Practice social distancing to avoid the spread of illness. Avoid needless travel and connect with others in your community on social media platforms like Facebook and Nextdoor. Help friends and neighbours in ways that are safe and responsible like dropping off groceries on the doorstep of an elderly neighbour.
Be safe out there and remember I am always here to support you during these hard times and don’t hesitate to reach out should you need me.