Housing Market 2020 after Covid-19
Housing Market 2020 after Covid-19
How is the housing market for 2020 looking after Covid 19? The short answer is… depends? Are you looking to sell or buy real estate? I started to write this blog about 10 days ago. What a difference 10 days can make! I also changed the cover picture to a puppy as everyone goes “AWWWW” when they see a cute puppy. What the world needs now is a lot of “awww”.
As a REALTOR® I can only give you my best “guess” for the housing market 2020 especially after Covid 19 plays out. We all know recent sales, tourism, economics and the demographics can help us forecast. We can make predictions based on history and the area as to the way the market shifts. Toss in mother nature or a holy mother of a world wide pandemic and the housing market just went “huh?” The Bank of Canada cut interested rates and prime is 2.95% as of today, which we haven’t seen since 2017. See what I mean by the housing market being unpredictable?
Will we be in a Seller’s Market after Covid19?
Many clients who are thinking about listing are asking me this question. A “seller’s market” means there is not enough homes on the market to meet the demand. After Covid 19, we may in fact be in a seller’s market. Our heated market will have cooled slightly but with low interests rates, sales will become hot and the real estate market will rebound quickly! These last few weeks, real estate sales in February, were HOT. We may be quieter, but that doesn’t mean sellers don’t want to sell it means sellers don’t want the public in their homes until we have this virus contained. I had 3 potential listing defer listing this week as they want to “wait it out”.
Will it be a Buyer’s Market after Covid19?
If you haven’t guessed, a buyer’s market is when there are more listings then buyers for properties on the market. I can safely say, up here in Southern Georgian Bay, we are NOT in a buyer’s market. Even with Covid 19 we aren’t seeing sellers wanting to unload at rock bottom prices. We, real estate agents have a saying up here. With recreational real estate transactions, buyers don’t need to buy and sellers don’t need to sell. If you want a second property as investment or for recreational use don’t expect huge deals.
Having said that, residential real estate sales are a different story and market. Families outgrow homes and will need to move for work or school so this market segment is always in transition. If people lost income due to being at home over this pandemic period, they may wait a while before looking or listing. I believe this area of the market will be balanced. Balanced means neither buyer or seller market, but only time will tell.
Bottom line, we must ride out the pandemic of covid19 in the Blue Mountains. Everyone’s haven is home! It is where everyone has been for the past week and will be for the coming weeks ahead. None of us has lost 30% or more in home values like the stock market has. People will always want to buy or invest in real estate for their families. The housing market 2020 is off to an unprecedented start to say the least. Be healthy and be safe! If you have any questions feel free to contact us today!
