buying & Selling During a Pandemic
Nova Scotia has instated a five-phased reopening plan that is projected to be completed in September.
Slowly and surely, life has begun returning back to normal after the shock of the Covid-19 Pandemic changing everything over a year and a half ago. COVID-19 affected all aspects of our day-today life. We had to find ways to change our personal, professional, family, and social lives to keep everyone safe.
The world of Real Estate has been no different. We had seen huge shifts in the business and development of a type of market that most REALTORS® have never worked in.
Real estate transactions slowed down and in some cases stopped in the early days of the pandemic as things began to shut down and people stayed home and isolated. However, as we came to realize that we needed to find ways to work and live with COVID as the markets began to open up and the result has been a market like no other. Multiple viewings and offers within hours or days of being on MLS, houses selling over list price and buyers coming from all over the country and the world!
In looking at how to navigate this new reality, we realized that how we do our business needed to change to ensure that we are keeping our clients, our agents, and our staff safe. As an industry, we put processes in place to ensure that we were adhering to public safety protocols while still being able to provide services to our clients.
So what have we done to make sure that buyers, sellers, and our agents are safe during this time? Just a few things we have put in place include:
- We follow all the Public Health protocols for doing business during the pandemic including wearing masks, hand washing and sanitizing, social distancing, etc.
- We do virtual tours of properties and consultations through Zoom or FaceTime as required
- Contracts and offers can be done virtually with electronic signatures
- We encourage our staff and agents to monitor for symptoms and stay home if they are not well
- We advise clients and other agents to COVID protocols by limiting the number of people in your home, providing hand sanitizer and managing viewings on your behalf
What's Happening in The Market
Some of the trends and changes in the real estate industry that we are seeing now include:
- Historically low inventory of houses available for sale. If you are thinking of selling don't wait, now is the time to list your property
- Quick viewings on newly listed properties - this means that when you are ready to sell, you need to be prepared for a flurry of showings the minute the listing is live in MLS
- Multiple offers on properties - understanding how to determine which is the right offer to accept is important in this market - it isn't always just the highest price offer.
- Closing Dates - we are seeing both longer than normal closing dates and in some cases very quick closing dates. You have to be ready with your plan for what is your next move; where will you go when your house sells?
- Waiver of conditions such as home inspection or financing - in some cases these may be a positive in terms of the offer and in other may cause more headaches in the end. Understanding how to navigate this type of offer is critical.
Bottom line, we are seeing things that have not been the "norm" in our industry for many years, if ever. To ensure that you are navigating this landscape and protecting both yourself and your family, talk to one of our professionals who will provide you with the advice that you need to make smart decisions and choices.