With the uncertainty of the potential ramifications surrounding COVID-19, we have received a lot of questions about the impact of the pandemic on the Kelowna Real Estate Market. But the reality is that rain or shine people often need to move no matter what is going on in the world. And, an interesting phenomenon is that since people are spending so much time being confined to their home, they are starting to notice flaws they previously overlooked and are now thinking about making a change.
So, is it a good time to sell real estate? The short answer is… it depends. Everyone has their own situation, limitations, and real estate goals. Let us discuss some potential hurdles and the ideal scenarios for those wanting to get involved in selling their Okanagan home during this time.
The first major hurdle is if your property for sale has tenants. This can be challenging on two fronts during the COVID-19 quarantine. Because of the restriction on evicting tenants – new owners may not be able to move in and enjoy their new Kelowna home until after the pandemic is over. And based on current projections, we’re not entirely sure how long that will be. In addition, investors face the risk that any existing tenants may not be able to pay rent, leaving them on the hook, and which means they could be looking at a shortfall for potential rental income.
The second hurdle is a potential reduction in eligible buyers. With job security uncertain for many people, it can leave those that require financing on shaky ground. On the other hand, for those in fields that have been generally unaffected, the low-interest rates can be a great attractor. It’s a good time for qualified buyers to make their purchase.
The final hurdle is social distancing and proper showing etiquette. In an ideal situation, the seller’s property would be vacant, mitigating the concern for showings and maintaining social distance. However, for the savvy seller and their trusted real estate agent, all it is not lost. The Okanagan Lifestyle Group and Sotheby’s Realty have a number of protocols and modern marketing techniques that minimize both disruption and risk to a seller’s property! Virtual Tours, providing detailed floor plans, pre-showing setups, post showing cleanings, potential buyer screening, and limiting attendance just to name a few. With that, we can help minimize showings to only the most serious and qualified buyers.
If you are interested in more details on selling your property during these uncertain times, or if you would like a comprehensive list of our policies and procedures to market and protect your home, contact us today!
Next time we will discuss in more detail the buying side opportunities and challenges in the Okanagan Real Estate Market during the COVID plight.
"In the middle of difficulty lies opportunity." Albert Einstein
Brody is a Realtor specializing in the Luxury Okanagan Real Estate Market. He is a strong advocate for client education and transparency in the real estate industry and is passionate about sharing his knowledge with others.