Navigating Etobicoke Real Estate during Covid-19 – Week 2

Over the last couple of weeks, many of our clients have reached out to us with some great questions regarding buying or selling a property during these challenging times.  We wanted to share the 6 most common questions.

1. Should I sell or buy a home during COVID – 19?

For most of our clients, we’d recommend that you take a pause and wait until things return to a more normal market. For some, there is a reason that it doesn’t make sense to wait.  These include:

• When you’ve already purchased a home and need to sell your current home
• Estate sales where the property needs to be SOLD
• When work or life has transferred you to a new location
• Divorces where it’s best to live in separate homes
• If your home was prepared for the market – staged, decluttered prior to the pandemic and you just want to continue with the process

2.  How have we adopted our ways to support those that need to move?

We’re continuing to evolve our business to support the current challenging times. Here are a few ways that we changed our approach:

1. Consulting on the timing of your move – We’re here to help you digest if it’s best for you to pause or proceed. Everyone has a different story and it really depends on your set of circumstances.
2. Social Distancing – Our team is working from home. We’re meeting with clients through video conferencing and phone calls to ensure that everyone stays safe and healthy.
3. Using the latest Online Technologies for our listings to do more of the selling process online
   • Virtual Home Evaluations – We do a drive-by of your property and then produce an online home evaluation.
   • Virtual Buyer Consultations – Through a short video conference, we get to know you and what’s most important in finding your next home. This allows us to hone in on properties that would be of most interest to you.
   • 3 – D Photography (Matterport) and Tours for our listings to get buyers a great visualization of your home.
   • Virtual Staging Consultations– Our in- house stager will work with you via video to make recommendations on decluttering and helping you with furniture placement.
   • Virtual Staging and Renos – We’re in the process of completing our first Virtual Staging and Reno for one of our listings. The software will  show potential buyers the current view of the home and what it would look like with a small reno.   This is great for homes that may be a little tired where it’s often difficult for the buyers to visualize the potential. Stay tuned for more info on this.

3. What’s happened with housing prices in Etobicoke?

No one can predict prices in the future. Here’s what we know. Over the last 3 weeks:

• The volume of Detached Homes SOLD is down 58%  – 50 Detached Homes SOLD in Etobicoke compared to 118 for the same period a year ago.
• The volume of Condos SOLD is down 60% –66 condos SOLD in Etobicoke versus 257 for the same period a year ago.
• Very Few Homes over $2 million SOLD – 3 of the 50 homes that SOLD were over $2 million
• The average SOLD price for detached home was 6.5% higher compared to the same period a year ago
• The average SOLD price for a CONDO was 6% higher compared to the same period a year ago
• There are 208 Homes in Etobicoke currently on the market
  • 159 homes under $2 million
  • 49 homes over $2 million
• There are 257 Condos in Etobicoke currently on the market

The volume of homes SOLD has slowed in the last three weeks. SOLD prices are higher than they were one year earlier but off the peak of Jan.-Mar. of 2020.

4. Are you still listing new properties?

Yes, we’re listing properties for those clients that need to move but at a much slower rate than the previous months. We’ve modified our ways to protect the safety of our clients and the community

5.  Are you still showing properties to buyers?

Yes, we’re showing properties to buyers. We’re limiting the number of showings by pre-screening buyers to make sure that they are qualified buyers that are ready to make a move.

We’re also recommending that buyers take the necessary precautions when entering the home. Hand sanitation, gloves and masked are provided for anyone entering one of our listings.

6. Can I review and accept an offer and close on a property without any physical meeting with my agent or a lawyer?

Yes accepting an offer on your property and closing of your property can all be done through electronic signing.

There you have it, our 6 most common questions. Please reach out to us anytime if you have any questions or concerns.  We’re here to help. We wish everyone a safe and healthy Easter weekend.