COVID 19 and the Real Estate Market
Tags: Homes in Gta, Homes in Mississauga, Covid, House Prices, Real Estate
Since the state of emergency was issued in Ontario, there has been lots of debate and talk about what is happening with the real estate market and what is expected to happen with the real estate in the months to come. The feedback we have received so far from regional sale statistics indicate the prices are remaining strong with little to no change.
My personal experience showing homes to buyers during Covid19 is that prices are mostly the same, the days of the market have increased especially for properties that need a little TLC or over $1,200,000. The number of listings and overall transactions are also dramatically down from past years. We are still seeing multiple offers and prices trending upwards in the lower to mid-priced, Condos, and Townhouses. Royal LePage Canada is Predicting modest with 1.5% increase in home prices in the GTA by the end of the year.
A lot of potential sellers are scared about having strangers in their homes and are being financially cautious of making any large financial decisions and as a result, they are waiting to list their home. The pandemic has definitely made some people rethink their timing but the market did not crash and you will not be getting homes for 30% below market as some have suggested, there will be rare instances where people who are stuck for various reasons have to sell under the market value for there home due to their specific situations. Many bargain Buyers have come out hoping for these large price reductions and are disappointed. The statistics posted are general guidelines and we can provide you with a more specific market position analysis based on your personal situation as the current market does present risks and opportunities for both buyers and sellers depending on their personal situation. We would be glad to go over these with you so you can make the best decision for your family.
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