I hope this email finds you well and you are staying cool. I figured it has been a while since I sent out an update and figured now is as good a time as any. I am sure if you are reading/watching the news or following me on Twitter you would see that the June sales are up dramatically from April and even May. This may be because of the cooped up demand prior to Covid but the house prices haven't missed a beat. If are getting StreetMatch (which you can sign up for it below if you haven't already) you will see that the prices for the most part are going close to asking and above. Several homes in Durham are going over asking in bidding wars.
In actual fact, home prices are up since pre-Covid prices of Feb 2020. How long this will last is anyone's guess. I certainly didn't see this coming and there seems to be a lot of various opinions about what the next six months will bring to the real estate market. Many think once the actual effects of Covid hit and the employment number rise, there will be a slow down in the market and the prices will follow suit but one could also argue that that should have already happened and it hasn't. So your guess seems as good as mine. The one thing we can say for sure is, real estate over time is always a great investment and as a very good friend of mine always says, "you can't live in a Mutual Fund".... so for now, it seems real estate is still a hot commodity for most.
Over time, the values will always come back even if they do take a hit... just look at what your parents may have paid for their first home and what it is worth today or even you for that matter. Real Estate will always be a safe investment. Now, the more problematic issue right now would be investment properties where the tenants may or may not have been paying their rent. That will be a big issue when the Courts open back up and Landlords are forced to action to evict these tenants and may open up the supply more once they decide being a Landlord isn't the glorified easy job that many people dream it is. LOL. That being said, I think we will see more properties come on the market in the latter half of 2020 as people try and stabilize their bank accounts and get out of unnecessary payments especially if they laid off or unemployed.
But for the now, the market is strong. All Covid precautions are in place to ensure safety for both the Buyers and the Sellers. Masks are now mandatory in Durham in enclosed spaces and that includes homes for sale. Everyone should bring a mask with them or ask your agent and they probably have some in their vehicle. I feel like a Ghostbuster with my Lysol Spray, Lysol Wipes, Gloves, Mask and Hand Sanitizer in my car. Times sure have changed. As we all are getting used to this new way of staying safe, we all need to work together and protect each others property and safety. At this time, there are no "hello hugs" or "handshakes" and it feels weird to me but we do what we have to do.
And I have said this before and I will say it again, if you are buying and selling in the same market, the increase or decrease in the market prices really don't effect your bottom line. If you sell higher, you are likely buying in a higher market too and if you sell lower, you are likely paying less for that home when you buy so it is all same in the end.
As well, I am going to say this - in 1989/90 when the market took a hit and I often have written about those times, it is very important to note, that house that I paid 299,900 for in 1990 and sold for almost the same amount in 2015 roughly, is now worth 799 in todays market.... so remember that. The valleys don't last forever. The house I moved to in 2015 has also more than tripled in value. So as long as you can weather certain storms, you will come out of it on the other side with some solid learning experiences and knowledge.
Choose your agents wisely. They work FOR YOU. They protect your interests.
Working with a Listing Agent to buy a home is not necessarily the best thing to do. They work for the Seller. Protect yourself and have an agent that protects you !!!
Open Houses are still not allowed during Covid and who knows if and when they will return any time soon but for now, Covid 19 can't seem to slow down the demand or the market in Toronto and Durham Region.
The more inventory we get, the more balanced this market will become. Stay well everyone and know I am always here to answer any real estate questions or send you some listings or solds.
Stay cool !!! I am praying for rain. My grass is looking like straw right about now.
P.S. - My grandbaby is due to arrive this weekend.... I will keep you posted on his safe and healthy arrival.
The link to sign up for neighbourhood solds is below. Be Well and Thanks For Your Time.