As I always said, the best time to sell all depends on you and your financial strength. None of us at best, have a crystal ball, let alone during such unprecedented times. In order for you to know if it is the best time to sell, depends on the answers to these questions:
1. Have you bought and haven’t sold and need the fund to close the purchase?
2. Is this an estate sale?
3. Is this a case of divorce/loss of job/transfer of job to another location?
4. Have you managed to secure a retirement home and if you don’t sell you lose your spot?
5. Will you have a difficulty with your payments to carry if this virus more than couple of weeks?
6. Are you retiring and every dollar coming out is important and you don’t have time for our market to recoup?
If you answer to any of the questions above is “yes” then you SHOULD sell. Otherwise you should hang on for now and wait and see.
What should you expect when selling during COVID 19?
As you know we do have many limitations to market your property. Luckily since we frequently work with foreign investors and have a very large database, we are well equipped to market your property digitally and through Virtual showings and open houses. However our physical showings for the properties have dropped from last week to this week by 54% and the number of offers have dropped by 49%. That does not mean our prices have dropped and certainly that does not mean our prices will hold as the demand drops.
If you are living in the property we are selling, we will train you to help us with showings on video as we do not want to take the risk of having people coming to your home. If your place is tenanted, your tenant may very well refuse all showings rightfully.
All our appraisals are happening off sites so we do not allow any appraiser inside any property. If needed we get our clients to zoom video chat us to accommodate the viewings.
So in short, it won’t be impossible to sell your home but it will certainly not be in our traditional manner.
Would anyone BUY a property without seeing?
The answer is absolutely YES. We have been selling properties for years unseen to our out of Province and Out of Country clients. So we are pretty comfortable on selling sites unseen.