The impacts of Covid-19 on the Real Estate market20 Apr 2020
Impacts on the real estate market
Several people ask me what will happen with the real estate market?
Here is my answer; I am not in a position to predict what will happen in the upcoming months, but what I do know is that the longer this crisis continues, the harder it will be to recover from it.
As we were in a seller's market, for several months before this crisis came, this will probably create a stabilization of the market between sellers and buyers. The advantage for buyers right now are the low interest rates. As François Cattapan said in his article on La crise de la Covid ne ralentit pas l’immobilier à Québec, "Nevertheless, interest rates will remain very low for quite some time to allow for economic recovery. Already, since the start of the crisis, the key rate at 1 percentage point has reached 0.75%. Lower rates could therefore limit the impact on prices. This is what was observed during the great recession of 2008-2009. The number of transactions had decreased, but prices had continued to rise. Growth has been modest, but still present. "
Most real estate services have resumed operations, as this is a basic need in a few cases. The situation in Quebec is generally well under control and this gives us good hopes for the future.
How can I sell my property in this crisis?
Technology plays an incomparable role during this crisis and I am happy to use Virtual 3D Tours in my service offer. This allows me to market properties for sale, and all of this, while respecting the standards of social distancing, without physical visits during this confinement. Thus, motivated buyers are not disadvantaged and can continue shopping for the property they dream of.
To find out how I adapted my service offer while respecting social distancing measures, please don't hesitate to contact me. It will be my pleasure to help you achieve your real estate projects.
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