by Stuart Neal
on Thursday, March 19th, 2020 at 7:29am.
Understandably many of us may consider that trying to buy a home in the middle of the Coronavirus pandemic would be an unwise move. Whilst I acknowledge that this crisis is real. It must also be kept in perspective. Does anyone remember the SARS outbreak in 2003? Or perhaps H1N1 in 2009? Both were considered to be pandemics and yet they had little effect on our home buying market.
As of Monday March 17th, the death toll from the Coronavirus in Canada was 4 people, according to the National Post.
Based on an article in the National Post, more than 12,000 people go to hospital with the common flue and 3,500 die in Canada every year. And yet we don’t panic about that.
If you are considering buying a home in 2020, this might be the time to do it.
1. More Homes Coming into the Market
It’s almost Springtime. Within the next few weeks, we will see hundreds of homes come into the market. They always do.
2. Less Competition from other Buyers
The halfhearted home buyers won’t bother this year. This means that you have all of the most motivated home sellers to yourself.
3. Motivated Sellers
This year you wont waste your time trying to buy a home from a seller that has high price expectations. Less motivated home sellers, that is those folks that ‘just want to put their home out there’ won’t bother this year.
4. Big Discounts
I suggest you seek out older stale listings and in particular those that have a history of not selling over several terms, (your REALTOR® can pull this information for you). The sellers were likely unrealistic with their price demands in the past and may now be panicking. If you select your home seller carefully, you may be able to buy a wonderful home and have your REALTOR® negotiate a BIG discount for you.
5. Lower Interest Rates
You will enjoy the lowest interest rates since 2017 according to the National Post. Read this link for more info: Lower Interest Rates. This means more home for less money. Great news for home buyers.
Still not sure? In 2003 13,258 homes and condos were purchased in metro Edmonton*. In 2009, 15,356 homes and condos were purchased across metro Edmonton.
So far this year 2,062 homes and condos have been purchased across metro Edmonton.