A visit with FV Lifestyle owner Mike Wilson on the state of real estate in the Fraser Valley. What’s happening to house prices and interest rates? What will happen to the economy and our lives? What is the biggest priority when preparing your home for sale?
By Becca Toews All of us have experienced some level of loss during this COVID-19 pandemic. It ranges from canceled plans to loss of loved ones, loss of freedom to loss of safety while going about your job. Large events have been canceled and while…
The COVID-19 Pandemic is presenting challenges for almost every industry including the real estate industry. That said, I have had the opportunity to show a few homes for clients during the shutdown. Open Houses are not happening, bur showings can continue.
Here are the steps I am taking to ensure buyers and sellers remain safe during home showings.
Expanded services for both real estate buyers and sellers…
For Sellers
- I will be present for all showings (seller leaves)
- Protective gloves for buyers while viewing your property
- Limiting buyer’s to 2 people maximum while viewing your property (plus buyer’s realtor)
- Minimum 24 hours notice before a showing
- Buyers and buyer’s agent must complete a health form questionnaire prior to viewing your property (provided by me)
- I will dispose of all protective gloves at the end of the showing
- Messaging sellers when the showing is complete
- Offer “Skype Style” showing upon request
- Offer an online paperless option for contract
- As I said above, I will not be offering Open House as a marketing tool as recommended by FVREB and CREA
For Buyers
- Arrange showings where sellers are not present on the property (Social distancing)
- Provide protective gloves and sanitizer for buyers/clients
- Offer video walk-through “Skype” upon request
- Offer an online paperless option for contract
Please take good care,
Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com
When: 7:00 PM, Friday, April 3, 2020 Where: Online on Zoom https://zoom.us/j/400104783 and on the FV Lifestyle Facebook page https://www.facebook.com/pg/fraservalleylife Ari Neufeld Ari is a onemanband // foodenthusiast // poet // artist // creator // As a way of saying “thank you” and supporting Ari…
There’s no escaping news about COVID-19 is there? People have very legitimate concerns as the virus spreads around the world. As a Realtor people are even asking me how I think the virus will affect Fraser Valley Real Estate and the consensus among my colleagues and other experts is for the time being COVID-19 shouldn’t have too dramatic of an impact on the local Real Estate market unless there is a real downturn in the economy.
Coinciding with the spread of the virus is the news that interest rates have dropped and this is usually helpful to the Real Estate market because it makes it easier for people to get home loans.
Also, as I mentioned in my Real Estate update last month, earlier in the year we were undergoing the impact of the stress test that was introduced in 2018 and I believe the impact of that is lessening helping sales to return to above-average levels in our region over the last couple of months.
Real Estate is one of those sectors that can sometimes get a pass when other sectors take a hit because housing is an essential need and it’s more of a singular activity. As we see concerts and public events being canceled, that doesn’t necessarily impact an activity like buying or selling your home.
All that said, we’ll see what happens regarding COVID-19 and its impact on the real estate in the Fraser Valley. This is quite an unusual circumstance as the virus moves to a worldwide pandemic level. One thing we can say about the Real Estate market is that it is often impacted by bad economic news, and as the media hype machine continues at a full-throttle pace creating fear and distress we’ll just have to see what happens.
Wishing YOU all the best!
Questions
If you want to know more, I’m here to answer your real estate questions and help you with your real estate buying and selling needs. Please feel free to contact me.
Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com
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Sales have returned to above-average levels
If you are a homeowner watching the Real Estate market in the Fraser Valley, you may have noticed that 2019 finished strong after a comparatively lackluster year. Early in the year, we were still undergoing the impact of the stress test that was introduced in 2018, but with steady job growth and a stable economy, sales have returned to above-average levels in our region.
January 2020 was active
January was an active month in the local Real Estate market. I even had multiple offer situations. That said, this might be a good time for homeowners to consider selling because of increasing demand and a limited supply of houses for sale. Some homeowners in our region who were thinking about selling have been waiting for prices to rise a little and that time is now!
Lower Interest Rates
There are a few factors at work that are contributing to the potentially lower interest rates and that will impact the market too. The current pressure on “bond market yields” is an indicator that the banks will continue on a trend to lower interest rates. Long term rates will likely come down as the banks look to secure long term mortgage lending, as opposed to short term mortgage lending. (see below) Currently, international concerns regarding the Coronavirus are contributing to this downward trend too.
An interesting note regarding long term mortgages
In the past, long term mortgages have been considered to have very restrictive terms of repayment, so people shy away from them. Legitimate concerns about early payout penalties, large upward interest rate shifts, during the mortgage term have made these unpopular choices for buyers.
Changes to longer-term mortgages
Did you know that after five years in any mortgage term lenders can no longer charge the “interest rate differential penalty”? The maximum penalty is a three-month one-time penalty. This is a great new safeguard should you choose a long term rate. Also, you are still able to “portable” your mortgage to your next home in most cases.
Questions
If you want to know more, I can arrange for all your questions to be answered by a trusted mortgage professional.
Regards,
Mike Wilson
Remax Treeland
604-533-3491
mike@fvlifestyle.com
Photo by Francesca Tosolini on Unsplash
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