Should I Sell My Home During COVID-19?

Should I Sell My Home During COVID-19
Should I Sell My Home During COVID-19

This coronavirus pandemic has put a pause on the world, causing people to stay at home and practice physical distancing. However, people still need a place to live, and many Ottawa citizens are engaged in buying and selling homes.

Real estate in Ontario is classified as an essential service, giving buyers and sellers the opportunity to take advantage of this somewhat paused market. This year started out with many more buyers than sellers, forcing multiple offers on most properties and pushing the purchase prices well above asking. With many buyers exiting the market or putting their search on hold due to the Coronavirus – there may be opportunities for those willing to spend a little extra time and effort in their search.

Overall, your health and safety is going to be the number one concern. Selling your home should be a decision that’s well-thought-out and made confidently. Especially during this crisis, you should only do something that you feel doesn’t put you in danger.

As one of Ottawa’s top real estate brokerages, we’ve weighed out the pros and cons of selling your home during COVID-19. Here are some of our thoughts:

Pros

Online Everything

Although the doors to your favourite restaurants are closed tight – their menus are most likely still available virtually. With all the ways to communicate and share information online, real estate is one of those businesses that has benefited from large investments in the online world.

Although the original vision of digital real estate may have only been a system to review listings. Today, using communication apps like Zoom or What’s App, sellers can interact with their realtors without leaving their homes. Worried about open houses? Thanks to 360 photos and videos, you can show buyers a virtual tour of your home or see first hand the interior of that home you are interested in. Talk to your realtor if you’re interested in setting up a virtual tour.

Less Competition

This past year, the Ottawa real estate market was remarkably competitive. Houses being sold left and right, buyers and sellers alike forced to take action. Now during this crisis, we’re slowly seeing sellers removing their homes from the market.

The good news is that means there’s less competition on the market. As a seller, you’ll have a better chance of being at the top of the buyer’s listing search due to the lack of submissions.

Qualified Realtors

You’ll be dealing with realtors whose sole purpose is to see your needs met. We didn’t choose this business to simply make a sale but to connect with people. We want the best outcome for you.

With that being said, our realtors are implementing all kinds of precautionary measures to keep our buyers and sellers healthy and safe. Learn about what we’re doing to prevent the spread of COVID-19.

Cons

Health & Safety

This one is a no brainer. With over 2.5 million cases worldwide and over 36,000 in Canada, this pandemic is a cause for concern. As a seller, you could be at risk or put others at risk by putting your home on the market (from potential buyers to home inspectors).

But thankfully, our realtors are doing all they can to practice good social distancing by implementing new methods and precautions to minimize face-to-face interactions. But even with all the procedures taken, this is something you need to feel comfortable with.

Could Take Longer

Some Ottawa buyers and sellers are putting their real estate plans on hold for the time being. Although there’s less competition, it may take a little longer when finding the right buyer to purchase your home. Also, since realtors are taking extra precautions when conducting business, the process may take longer while precautions are put in place for virtual home tours, home inspections and overall realtor consultation.

Even with this possibility, Ottawa is still showing decent numbers regardless of the effects of COVID-19. According to the Ottawa Real Estate Board, there were 1,525 properties sold during March 2020, beating last year’s sales of 1,507. Despite the implementation of social distancing in mid-March, this stat shows how people in Ottawa still want to buy homes.

Only Do What You Feel Comfortable With

Our realtors’ number one priority is to look out for your best interest and right now, your health and safety is essential. Make a decision you feel comfortable with. If you’re looking to sell your property or just simply have questions about our process, feel free to call us at 613-788-2122.

We are open and taking precautionary measures to help keep our communities safe. Learn more about the steps we are taking.
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