COVID-19 And The Durham Real Estate Market
Friday Apr 10th, 2020
BUYERS OR SELLERS MARKET?
Good morning everyone. I just wanted to touch on COVID-19 and how it is affecting our current Durham Real Estate Market and the rest of the GTA. COVID-19 has definitely slowed down the the total transactions in the Durham Region and GTA. Before COVID-19 it was a complete sellers market in the Durham Region and there was multiple offers on pretty much every home being sold, especially the lower/entry level priced homes. Today there is still a possibility of multiple offers, just not as many multiples. For example maybe there is only 2 people offering instead of 5. I wouldn't say it's a strong sellers market anymore however, it's becoming more of a buyers market, we still lack inventory levels. We need more listings available/inventory! So if someone asked me if we are in a buyers or sellers market? I'd say still a sellers market but it's becoming more of a level playing field and almost at a stand still between buyers and sellers. There definitely isn't any panic selling yet and the stock market has bounced nicely the past week up almost 25%-50% from the lows seen a couple weeks ago. The interest rates are at awesome levels for buyers, especially those with less than 20% down (insured mortgages) get an even further discounted rate.
THINKING OF SELLING?
It's not the ideal time because of COVID-19 however moves are still being made. The last 2 homes I sold were both done 100% virtually, done with the best videography available on the market. If you're wondering the value of your home click free-home-evaluation. I do offer low commission rates to see how I do things differently than most other agents click discount-real-estate-agent-in-Oshawa. Some buyers have no choice to wait and need a place to live because of work or a prior sale or whatever the reason. The advantage of selling now is you have very little competition! If you have questions about the selling process or market conditions click contact and one of us will be in touch.(on average within 10 mins). Click to see a few examples of my videography:
The benefit of this type of videography is we can reduce or even eliminate showings and do things virtually..... contact Matt Phillips Low Commission Sales Representative with Century21 Real Estate. My Low Commission And Full Service Selling System has saved sellers thousands of dollars.
THINKING OF BUYING?
Not the ideal time because of COVID-19 but this pandemic could be used to save money and benefit your bank account. Borrowing mortgage rates are at all time lows and your competition has dropped off as well. Meaning less chance of bidding wars and more time to make a decision. Search listings on my website. Here is an up to date list of homes currently for sale:
If you don't see your area above click listing-alerts and all new listings fitting your criteria updated hourly will go to directly to your Email inbox.
Century21 Real Estate
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