As many of you have heard, The Registry office and the Real Estate brokerages have been deemed Essential Services.
While it is true that the events of the past few weeks have had an unprecedented impact on how we conduct business, as different levels of government enact policies to stop community spread via social isolation which are efforts to “flatten the curve", it is also true that the industry is resilient.
The real estate industry is drastically being affected as it is no longer “business as usual.”, the way we operate has changed drastically over the last week but agents and our brokerages are very creative and thus we have been able to adapt quickly to the rapid changes.
All real estate businesses are able to operate digitally and remotely so real estate business will continue.
We were very fortunate that our market was strong when these measures were enacted. As most of you may remember, only 3 weeks ago, during the beginning of March, there were articles that were talking about real estate being the new gold. The spring real estate market was set for a record-breaking sales season.
We can expect that the market activity will slow down temporarily due to many different factors that will affect everyone during this period as some buyers may decide to hold off on their home purchase amid uncertain health and economic conditions, there are still those who need to buy and sell right away, such as those who have already sold their homes, people relocating, people going through a separation or divorce, people who need to downsize or upsize quickly as well as many with other needs. While it is true that those that do not have an urgent need may not buy right away, we know that they will eventually come back, which means the market not only will continue will grow in the future. So, even if there is a temporary slowdown during the next few weeks. our market is strong and this means that we will recover and we will be in a stronger position.
Agents are creative, so although showings cannot happen face to face, we will be doing virtual showings, virtual interactions while working from home and we will be always here to help should you need to reach us.
The market will bounce back as fundamentals have not changed. The buyer supply has not increased, so the demand is still high, even if the market is taking a small pause for these next few weeks, I believe the market will resume stronger than ever.
