Safe Real Estate Practices During Uncertain Times
No shirt, no shoes, no mask, no service as tighter restrictions have been enforced in the Hamilton and Halton regions declaring these red zones. This is stirring up safety concerns with regards to safe home selling practices that must be maintained and enforced in order to be able to accommodate the large number of buyer clients who are moving faster this time than last year to beat out the competition and lock in at all-time low mortgage rates. Several Canadian economists say they don’t believe the Canadian property market will fall as far as what was initially forecast this year and current interest rates are expected to hold until at least 2023.
A number of major cities across Canada are still experiencing a seller’s market and Toronto, the GTA and surrounding areas are all affected by Toronto and its market. As the supply remains low and demand continues to be high, this is what has allowed and will continue to support the rising prices and will keep sales activity strong. Historically, a move toward colder weather means activity slows but this year has been nothing close to normal or has had any kind of predictability, so for now, let’s just say we could have an un-normal or a 2020 style winter market on its way. Since we don’t know what lies ahead, let’s just take a look at our stats for the month of October.
The number of sales for detached single-family properties within the entire RAHB market increased by 10.9 percent compared to the same month last year, and the average sale price increased by 6.6 percent. Townhouse sales activity across the entire RAHB market area also increased from October 2018 by 6.8 percent, and the average townhouse sale price increased by 8.7 percent to $514,438.
Showcasing Your Property Virtually Is Great For Buyers
Since in-person open houses are not permitted at the moment, this is an excellent time for the sellers to take advantage of and incorporate online videos and virtual tours of their homes. The CRESI team has been using high-resolution photos, video and virtual tours as a package for a few years now as they are an enormous help to buyers envisioning their future home and currently this is a way for sellers to showcase their home while not having to allow strangers in their home until they have seen the entire home virtually. This of course helps to limit the amount of NON-potential buyers coming through their home, which also helps limit the contact of strangers and the spread of COVID-19.
Preparing Your Home For Live Showings
We have the tools necessary to go forward with virtual showings and virtual deals if that makes our sellers more comfortable. Only serious qualified buyers will be able to arrange a live showing which will be booked by a professional agent who must take all precautions to ensure that both the seller and prospective buyer feel comfortable. We make Covid screening tests mandatory for the buyer agents and their clients prior to entry into any of our listed properties.
A little sanitizing goes a long way and should be done before and after every viewing. We encourage minimal touching of surfaces and by the seller has left all the lights already turned on and the doors to each room open, this to helps prevent the spread through touching. It is highly recommended that hand sanitizer, masks, disinfecting towelettes and gloves be left at the front door to offer the prospective buyers and their agents. These are some of the ways to ensure a safer showing for both guests and current residents.
The CRESI Team can do more than just showcase homes online – current technology also enables us to proceed with additional next steps during the transaction, including digital signing, and referrals for those who require financing, home inspections, staging recommendations, and legal needs.
Buying or selling a home is one of the most complex transactions you’ll ever undertake especially in times of uncertainty. When unexpected market conditions arise, you’ll be glad to have an experienced team of real estate professionals guiding you through the transaction, from a safe distance. The CRESI Team is always here to help!