Buying & Selling a Home During COVID-19
Pandemic times have certainly changed our lives in ways we would have never predicted. While the current situation isn’t ideal, we continue to encourage all our customers & homeowners to stay positive.
Our society has been going through many changes, including finding a new way to live, work, and conduct business as we all do our part to combat COVID-19. As many of us are at home, distancing from friends, family, and coworkers, we have all felt like life has been sort of put on “pause” in a lot of ways. However, many people in the Greater Toronto Area still need to buy and sell their homes.
People still need to move which means real estate is still happening during the crisis. Whether it’s a new job, a planned relocation leases expiring, or a previously sold home, there is still a need to buy and sell during COVID-19. If you are considering buying or selling, there’s no need to feel worried.
Am I able to sell my home right now?
Yes! Homes are still available for sale as real estate has been deemed an essential service. One primary reason for this is because there are families and individuals that have purchased a home prior to COVID-19 and now need to sell their current home.
To ensure the safety of all parties, new protocols have been put in place by both realtors and homebuilders. While traditional open houses are no longer permitted, we advise that sellers instead conduct live and/or virtual open houses and tours which can also be marketed online in advance.
Ensure your home is presented in the best way possible by removing clutter and keeping minimal items. Pricing your home appropriately will also maximize your home’s appeal.
If you have to do a showing in person, we recommend that as few people as possible are present in the home at the same time, while taking the following precautions.
What should buyers take note of during this time?
The switch to virtual home tours now gives buyers more opportunities to view homes online via video and photo galleries. If you decide to visit in person, we reminds clients to keep these norms in mind before entering the home.
In addition, we also recommend that buyers get pre-approved for a mortgage prior to starting their home search. This is something we suggest you do regardless of the pandemic. Having a pre-approval in place will give you a better idea of the price range of homes you should be looking at, and provide a rough estimate of how much your monthly mortgage payments would be.
If you have any questions about getting financing during this uncertain time, speaking with your mortgage broker or lender can help clear up any confusion.
Social distancing from our family, friends and loved ones isn’t easy. But with strict safety protocols and the ability to tour homes virtually, we want to reassure you that social distancing doesn’t mean you have to keep your distance from your dream home.
And that dream home can feel even more special, knowing that once this is over, you’ll have a wonderful place to welcome and gather with everyone that you’ve missed seeing.