Buying & Selling in 2020's New Normal – Q&A
Keeping our buyers, sellers and REALTORS safe during this pandemic, is our top priority. During COVID’s first 2 phases, we have discovered new ways to provide our services to keep the real estate market rolling. While we adapt to a new normal, here are some answers to the top questions that you have asked:
Can I still purchase or sell a house in 2020?
Yes, the real estate market is still moving and houses are selling. We have adapted our services and adjusted our protocols to ensure that homes can be shown safely. At this time, open houses are not recommend, but private scheduled showings are still happening for pre-qualified buyers.
Should I sell my home now or should I wait?
After a good start to 2020, we saw a small dip in the market. However, during COVID’s Phase 2, the industry is recovering quickly and buyers are knocking. There is a lower than normal listing inventory right now, so homes that are priced well are selling quickly and close to asking price. Recently we have even sold homes above the listing price. These are ideal conditions for home sellers.
How are homes showing differently in this new normal?
We are offering all of our sellers RCR’s in-home safety kits – supplied with hand sanitizer and instructions for buyers entering homes.
For any interested buyers that want to view our listings in person, we also require:
- Financing pre-approval from their financial institution.
- Take time to explore the virtual 3D home tour and/or HD home video (where available), as these features are an opportunity to explore the layout of the home prior to viewing.
- Confirmation that you are not experiencing any flue-like symptoms and haven't recently traveled outside of Canada.
After confirming these points, we may permit them to view the home with their REALTOR The in-home safety kit supplied by RCR offers instructions for buyers entering the home. We may also require them to wear face masks, if required by our sellers. Before the showing, all lights are turned on and interior doors are left ajar – so no touching of light switches or anything else is required by the buyers.
Should I buy a home now or should I wait?
In Kamloops, we did not have a substantial dip in the market in 2020. The number of sales did drop dramatically in April, but so did the number of active listings – which has, in turn, kept us in a balanced market. Right now buyers looking to buy, should be patient and ready to strike when they find the perfect property.
Who must sanitize a property after closing?
It's customary that the seller ensures that the property is left move in ready for the buyer.
If you are sitting on the fence about buying a new home... you might want to act now, as the Canadian Mortgage and Housing Cooperation (CMHC) are implementing changes on July 1, 2020. The Kamloops area is maintaining strength with its real estate prices and we are not expecting prices to drop in our area. If you are in the market for a new home, give us a call at 250.374.1925 to find out how these changes may or may not impact you.