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COVID - 19 RESPONSE
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.
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Working With Covid-19 In Today’s Real Estate Market

Well 2020 has been quite the year so far, with Australian bush fires, oil prices dropping due to the conflict between Saudi Arabia and Russia and the Coronavirus global pandemic. It is only April  1st and I am already exhausted!


As we all know the safest place during this time is in our homes, as we are experiencing something very serious that will  hopefully be short-lived. With all the tireless efforts everyone is taking too “flatten the curve” time will tell but, like many I am very optimistic we will get through this unprecedented time.


Notwithstanding Covid-19 the real estate market in Vancouver and the lower mainland continues to move. There are new homes coming on to the market, and sales being reported daily. Within the last few weeks I have seen multiply offers, back up offers and homes selling within days. Real estate agents, lawyers, mortgage brokers, appraisers, property inspectors, and land titles are all still open for business. These professionals associated with real estate have all modified the way they do business in order to keep everyone safe.


In talking with my family and friends over the last few weeks everyone seems so surprised I’m still working and able to show homes. I explain to them that on March 26 the provincial government announced that real estate agents are considered an essential service in BC. All open houses have been cancelled for now, virtual tours have become increasingly important, and we also face-time with clients if need be. Some agents are still conducting showings for clients whose need to find a home is urgent. For example, a seller may have sold their home earlier in the year and they now need to purchase a new home without being left in limbo. Many realtors are asking clients to do more due diligence ahead of time as this minimizes the amount of traffic going through the sellers home, and if prospective buyers are serious about a property, a viewing can be scheduled with precautions in place.


Over the last few weeks I have also sent out a form to my clients whether they are buyers or sellers. If people are in urgent need of finding a home we are implementing all the proper precautions  including screening and asking the clients if anyone in the household is sick or has been travelling outside of the country.

So far it has been very helpful and initiates conversations regarding the Covid-19 and important precautions we should be taking. 

Some ways that agents are navigating the recent changes on how we conduct showings in order to help keep everyone safe is……..



-Drive to showings in separate cars.

-Refrain from greeting others with a handshake or hug.

-Turn on all the lights and open any closet doors ahead of showings to minimize touching surfaces.

-Provide hand sanitizer, wipes and gloves

-Request visitors to wash their hands with soap and water

-Asking buyers to not touch anything in the home and let the listing realtor open and close any doors and closets.

-If children are present to hold the children at all times during the viewing.

-Maintain appropriate social distancing.

-Encourage clients to thoroughly clean and disinfect the home after viewings.


With everyone taking the necessary precautions in regards to Covid-19, I am positive we will all come out of this a stronger society. With spring in the air, I am sure we are all looking forward to spending some time outdoors, and hopefully resuming some normalcy in the near future.


Stay healthy everyone and keep your social distance.

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Should I Buyer or Sell in a Slower Market?
Should I Buy or Sell  in a Slower Market?
 
Last week, I participated in a podcast with mortgage advisor, Heather Wood to discuss home buying and financing during this COVID-19 crisis. We briefly discussed mortgage rates and utilizing less risky modes of financing and refinancing mortgages as well as whether buying now could be beneficial. Click HERE to listen to our podcast.
 
As mentioned in the podcast, move-up buyers could greatly benefit from a slower market. The example I used was with someone who wants to sell a $500k condo and move into a $1 million house. This person needs to buy and sell no matter what market they are in, but would ultimately save more money in a slower market because getting less for a $500k home will make less of an impact when they are paying proportionately less for their $1 million home. If they waited till the prices go up, they would have to pay way more for that $1 million home despite getting a little bit more for their $500k home. It’s all about the proportions.
 
Who else can benefit from a slower market?
 
An obvious candidate would be the investors. If you are looking to invest in real estate, you want to make sure you’re paying as little as possible for your investment. Right now, prices are still fluctuating as we are still in the beginning stages of figuring out what impact COVID-19 will have. As a result, sellers are starting to relax on pricing and it is very possible this will continue on in the next few months. However, that being said, those looking to flip a home (buy a fixer-upper, renovate and sell it quickly) may not see much return right now, since market conditions are still uncertain in the short term. 
 
Additionally, first time home buyers may also benefit right now if they have been saving up and looking for the right time to get into the market. The Bank of Canada has made cuts to the prime rate three times in March by 1.50%. This is not normal by any means and could be the perfect opportunity for any buyers to take advantage of these low rates, especially if it means you could be saving $78 per month for every $100,000 you borrow. That’s HUGE!
 
Regardless of your situation, waiting for the market to recover is often not the right choice, as I have shown above. Timing is everything when it comes to any real estate transaction and now may or may not be the right time for you. If you are wondering about whether or not you should consider buying or selling right now, we are here to listen. Contact us today and we can give you valuable insight on current market conditions and statistics to help you make the right choice.
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The smart buyers are already looking at homes, to take advantage of price value and interest rate opportunities
Following the US Fed, The Bank of Canada, in an unprecedented move lowered the overnight rate, twice by two basis points (-.5%), on March 4th and March 16th; resulting in a reduction to lending institutions of a full percentage point. Hopefully this becomes the lowered amount that they will pass along to consumers, when issuing mortgages to new purchases and refinances.

The overnight rate is the interest rate at which major financial institutions borrow and lend one-day (or "overnight") funds among themselves; the Bank sets a target level for that rate. This target for the overnight rate is often referred to as the Bank's policy interest rate.

Whether you are contemplating a purchase, an upgrade or a refinance, this means that it is not all “bad news” out there.


Don’t wait until everyone is back into the market to start planning for your families future!
“The smart buyers are already looking at homes, to take advantage of price value and interest rate opportunities”
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Whats happening in the Market?
As a real estate agent, the question I’m often asked, whether I’m at the supermarket, a party with friends, or at a restaurant from a server, is usually “what’s happening in the market?”. As we might all know, the media can be a very scary place. It is often the source of prevalent information on current trends, but can also create a circulation of irrational fears. 
 
Many people I encounter are under the impression that the real estate market is “SLOW” or that we are in some sort of recession. The good and bad news here, is that this is not the case! 
 
The good? Houses are selling and people are buying. Just in the last couple of months I have continuously seen homes sold within a week with multiple offers. As such, I have many times, called about property showings to find out they are already sold before viewing. This applies to condos, townhomes, and detached homes; none are excluded. 
 
The bad? This misinformation creates complacency. We now encounter many people who feel it is still a buyer’s market and end up placing themselves in many situations where they lose out on the perfect home. The worst feeling is finding the perfect home, imagining a life there, then losing it in a multiple offer situation. Then, what’s even worse? Having this happen over and over again!
 
As real estate advisors, we are here to make sure that doesn’t happen to you. In today’s market, pricing and timing is everything. This is why we have systems in place to help you beat out other buyers in getting the perfect home. 
 
If you would like to stay active and be notified about the true market trends, just let us know and we can definitely provide you with that information. 
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Home Evaluations

Homes in the Greater Vancouver Area are starting see market shifts in home values.  It seems that the prices are starting to vary acording to "micro markets."  This applies mostly to the Single family homes category as it's seeing higher inventory levels in some areas.  Despite the increase, sales in some markets remain strong.  In the attached categories, the Condo and Townhouse market is remaining strong.  Prices are continuing to surge in these markets.  Are you wondering what your home's value is or just curious about the market in your area?   Home owners please visit www.allvancouvergroup.com and click on "Home Evaluation" under the "Selling" tab.  

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