How has COVID-19 affected the Real Estate Market?

How has COVID-19 affected the Real Estate Market?



Everyone is wondering about what is happening with the real estate market in this new Coronavirus world. The truth is, no one has a crystal ball. On one hand, economic uncertainty and job losses are typically the reasons for decline in prices; on the other hand, the value of currency declining and hare market losses typically see safe assets like real estate have a price increase.

 

What we can say, is for at least the moment; prices seem stable, and buyer demand remains very strong. A recent example was 5 Collina Street Algester. The target selling price for this property was $480,000 to $490,000. It was launched on Thursday 26th March at Offers Over $480,000. We conducted 13 Private Inspections and received 8 written offers. It went Under Contract at $487,000 on Sunday 29th March after only 4 days on the market. 

 

This isn’t month’s old information, as this has literally happened just a few days ago. We can’t give you any more certain or current indication about the state of the real estate market than this real life example. It’s true that the COVID-19 pandemic may have caused a decline in auctions and prohibition of open home inspections, but the market has now become more innovative and responsive by using virtual tools in selling homes.

 

If you are considering a sale and are wondering what the market might be like for your property, just give us a call, and we will be happy to have a chat and offer whatever advice we may be able to.

 

Here at Reval Estate Agents, have motivated buyers calling us every day looking to buy; we just need a few more sellers to match them up with.