COVID-19 and Real Estate Q&A
Recent weeks have proved to be a roller coaster ride of emotions for all of us, with the current developing situation across the world causing increasing concern. My past life as an epidemiologist, working with and studying infectious diseases have allowed me to reflect on my experience. In the midst of all the concern, information and MISinformation, let’s talk about COVID-19 and what we need to do to stay safe.
What is COVID-19?
COVID-19 is a newly discovered virus that belongs to the family of coronaviruses, which originated in Wuhan, China.
What are the signs and symptoms of COVID-19?
As mentioned above, there is a large range of symptoms that may occur with infection of COVID-19. Generally speaking, they do not differ much from common flu symptoms such as, fever, stuffy nose, dry cough, sneezing, aches and pains, shortness of breath and lethargy. The WHO has reported that in most people, symptoms are usually mild or even nonexistent, with 80% of people recovering without needing any special treatment, much like the common flu. Those with pre-existing conditions (ie. high blood pressure, diabetes, heart problems) or the elderly and immunocompromised have shown to have vastly more severe, or even fatal, symptoms.
What should I do if I have symptoms?
Medical health practitioners are dealing with a massive influx of new cases every day. If you are experiencing only mild symptoms, it is suggested you self quarantine for 14 days and prevent the further spread of the disease. Exposing yourself to others may put you at risk of spreading the disease and putting them in danger. If you are starting to experience fever, cough and difficulty breathing simultaneously, definitely seek medical attention.
How has COVID-19 affected the real estate market?
It’s too soon to tell how this disease will affect the real estate market at this point. I can confirm that BCREA is doing everything necessary to keep both Realtors and the general public safe, by implementing new rules of conduct and protocols surrounding access, such as showings and open houses.
Should I be going to open houses or showings?
Considering the fact that our province is now among the 3 in Canada in a state of emergency, we all need to do our part in making sure buyers, sellers and Realtors are all healthy and safe. Realtors should prescreen buyers and sellers about travel history and potential symptoms they may be experiencing. We must also practice social distancing and maintaining a distance of at least 6 feet between you and others. For more information on how to look at properties, please contact us and we can walk you through the new procedures.
Is it possible to buy a home without exposing myself?
It is definitely possible and may become more common going forward. However, buyers should still beware of all the issues that may result from purchasing a home without viewing. The All Vancouver Group is here to help. We have systems in place to make sure you are protected throughout the buying process, even if you choose to buy a home without viewing. Contact us today to find out how we can help you with your home purchase in this time of crisis.
Should I put my home on the market right now?
At a time when there is so much uncertainty, we understand it may not be at the forefront of your mind right now to put your home on the market. However, with interest rates at all time lows and sales still maintaining a steady pace, now may be a better time than any. Once again, contact us today to find out if your home is worth putting on the market now or later. With our market knowledge and technology, we can show you statistics in your area to help you decide when is the right time.
If you have any questions, please do not hesitate to ask! We are always here to help and there is never any obligation to buy.