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!
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.