Should You Sell Your Home Even with Potential Lock Down?
Thursday Apr 01st, 2021
Ontario Premier Doug Ford has announced that there is a possible lockdown to be put in place again after a 2000 high case of COVID-19 recorded in the past 6 days. Further details and restrictions will be declared Thursday 01 Apr 2021. This is not a good indicator for many industries that have started to open up operations. However, the province is open to putting some regions in lockdown to prevent the rising onset of the COVID-19 variants affecting the population.
This article discusses the factors that a home seller should consider in listing their property even in the midst of the still on-going pandemic.
Real estate statistics seem to indicate a good time to sell homes
The real estate industry has been resilient during the pandemic, gaining momentum in July 2020. This has continued its record-setting performance this March 2021 climbing 6.6% between January and February 2021 in National Home Sales recorded in Canadian MLS® Systems.
According to CREA Chair Costa Poulopoulos, “...The two big challenges that continue facing Canadian housing markets are the same ones we've been facing for months – COVID-19 and a lack of supply. With luck, potential sellers will feel more comfortable listing their homes in the short-term.”
New listings have shown that there is a growth of about 15.7% in February 2021 compared to the low listings in January 2021. Home sellers are becoming more confident in the market to list their properties.
It also helps that the National Average Sale Price has gone up to 25% from the same month last year roughly figuring at $678,091. This can mean more profit in selling homes than ever before.
These statistics seem to be in favour of the home sellers at this time, and this is a big factor to consider if you are still on the fence in listing your property.
Vaccine roll-out and steady preventive measures in place
The vaccination roll-out phase has been moving as effectively as it can, reaching Phase 2 this April 2021. Total vaccines administered sits at 2,192,253 with 315,820 fully vaccinated in Ontario (as of 31 Mar 2021). Canada has been climbing the world ranks in its efforts and efficiency to vaccinate its citizens.
Although there are still potential lockdowns, the vaccination roll-out will continue to work in the background and get everyone immune to COVID-19 and variants in due time. Quicker vaccinations can mean getting lesser lockdowns as people get their second doses.
Most Canadians also have been following preventive measures to lessen COVID-19 transmission. This has been shown in the non-existent flu pandemic in late 2020. People have learned to wash their hands, wear face masks, observe social distancing, and minimize their travel and have become accustomed to these preventive measures. This bodes well to home sellers who can be confident people will comply with industry and provincial regulations in home selling.
Digital and technology tools practically minimized in-person contact
Most of the real estate transactions have been done virtually - using digital tools. From signing up with a broker and real estate agent, marketing the listing, virtual tours, signing legal documents electronically, and online banking transactions. Most of the person-to-person transactions have been minimized and replaced by a digital tool.
Home sellers can ask for a fully digital service from their real estate representative to be on the safe side - from start to finish.
These are just the 3 factors to make you consider selling your home even if lockdowns or the pandemic is still going on. Discuss your options, find alternatives about listing your property with a professional real estate agent. Contact JoAnn Visaretis to get the best market value of your home.