By: Matt Busch

Your Real Estate Update on COVID-19

Tags: Real estate, COVID-19 Real Estate, COVID-19

We all understand that this is an unsettling time for us all. If you are like us and have elderly parents, family and friends, we are concerned. However, we have seen situations such as this through with success.

We are writing to assure you that our team is committed to ensuring that you, our clients come first. We will continue to serve the community and implement measures in order to keep our clients safe and healthy.
 

Real estate has taken a 99% haitus, even though it been allocated as an essential business as it would create a disaster if the deals that had been written before all of this had to be delayed and the eventual effect that a shut down would create. So current sales efforts are on an absolute essential basis, it is not business as usual, we are working with your health and well being in mind. It's a great time to get your home ready and get all the small projects done in preparation for when the time is right. The good news is that prices look to be maintaining themselves. 
                                               






Here are the new procedures that have been implemented for better social distancing health and safety. 

Buyers protocol/ guidelines 

Buyers acknowledgement for health and safety (provided to all sellers for showings/ requested to be completed for our listings too) 

Sellers consent/ acknoledgement for health and safety. 

General Royal LePage notice 

For those wondering our governing bodies are no longer allowing ANY open houses. We are however hosting Instagram and Facebook live open houses for our listings. 

For those wondering about your homes selling price we have implemented tools on our site to keep you updated with new sales as they happen. 
 
I  wanted to wish you well and answer any questions you may have. Here are some of my predictions for the GTA market: 
1. Sellers taking a wait and see approach - much less inventory 
2. Buyers hesitant to get into the market - Falling investment portfolios will price buyers out of the market as they will have lost a large sum of their downpayments 
3. Consumer confidence is low despite low interest rates 
4. Recent price escalations will cool down, seller strategy will change (no mre multiple offers) 
5. Home sales will come to a halt and have a strong rebound when the state of emergency gets lifted. 
6. Banks will require more time for financial approval. Lead time on firm sales will take much longer. Banks will have stricter lending policies
7. Social distancing measures will reduce home viewings

I really enjoy the regular chats put on by CIBC chief economist, you can access his market predictions here
 

Here is our COVID marketing plan

See our recommendations to clients who are selling their homes
 

- Host online open houses using Facebook/ instagram/ Youtube.
- Utilize Iguide virtual tour technology.
Collaborate with your Realtor to come up with a virtual plan. This might include: Digital floorplans (walkthrough) this will help potential buyers view your home in detail to limit the traffic.
- Consider virtual staging.

- Place signage around home with instructions. 

- Do not host open houses

- Hand sized towels/papertowels (and garbage) at the front door for guests to open doors

- Hand sanitizer at front door 

- Leave all interior doors open 

- Leave box of gloves at front door 

- Have a detailed virtual tour of your property complete, so interested buyers can view property before having to visit on site
- Ensure there are no duplicate showings on your property at the same time. i.e. one realtor/ their clients per showing slot.

- Have a sign-in sheet for ALL visitors of your home; we request clients or attendees to notify us if they become ill within two weeks of an open house or showing. If an attendee does become sick or is diagnosed with COVID-19, we will communicate this with the homeowner and other attendees. 
- When approving a showing we send out this agreement to showing agents...

BrokerBay COVID Acknowledgement.JPG

 

When coming home for the night 

- use disinfecting wipes to clean commonly-shared surfaces like door handles; counters
 

See our recommendations to clients who are looking at homes 
- Have a very good idea that you wish to see the home by first reviewing floorplans, Virtual tours, and photos

After each showing

- Wash your hands often for at least 20 seconds with warm water and soap.

- Bring/ Use an alcohol-based hand sanitizer.

- Avoid touching your eyes, nose, and mouth with unwashed hands.

- Cover your cough or sneeze with a tissue, then immediately throw the tissue in the garbage and wash your hands. If you don’t have a tissue, sneeze or cough into your sleeve or arm.
- Ensure you are not part of duplicate showings.
- Keep your hands in your pockets.

  


Clauses to include in your sale/ Purchase

- The Buyer shall pay the balance of the purchase price, subject to the usual adjustments by wire transfer.

- The parties acknowledge and agree that all closing documentation can be signed electronically and forwarded by email or fax in accordance with the Electronic Commerce Act, 2000, S.O.2000,c.17

- The parties agree that the keys to the property shall be left in a lock box at the property and the code to the same is to be provided to the Buyer’s lawyer in escrow pending closing of this transaction. 

- The parties herein acknowledge and agree that they are required to close this transaction notwithstanding any impacts of COVID-19, save and except the closing of the Land Registry Office(s) and all financial institutions.

  

There are government programs to help alleviate many of the financial woes which are to follow this pandemic, please get in touch and we would be glad to provide this literature directly. 

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