Real estate: buyers and sellers are waiting for COVID-19

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Like any industry, the Halifax real estate market has been affected by coronavirus.

“Overall, yes, the market is going down much like everyone else, but there is still business going on,” said James Dwyer, a real estate agent at Engel & Volkers in Bedford.

Dwyer says in-person consultations have decreased by almost 75% compared to the same period last year. But colleagues have found interesting ways to adapt to the new social distancing measures.

“As an industry, we are made up of an entrepreneurial spirit, and so many of our ways of doing business have evolved and grown with the situation we find ourselves in,” he told Todd Veinotte. NEWS 95.7 Show.

Things like virtual tours, video chats, and floor plans have made it easier for buyers to get information about potential homes.

“We have really intensified the aspects that can create an environment where a buyer does not necessarily need to be in a house,” says Dwyer.

But Dwyer says that most buyers and sellers have chosen to withdraw their homes from the market or stop searching for homes for the time being.

“They said we just don’t feel 100% comfortable. Then we will re-register when things start again, ”he explains.

For much of the market that depends on Canadian military assignments, the season has been delayed.

“Our spring market is always stimulated by military transfers, so the whole side of our industry is still there,” says Dwyer. “And they are only waiting for the start of their house-hunting journey when the time is right to do so. “

Although the majority of people are choosing not to buy or sell right now, Dwyer says some have already planned a move.

“There are people who have no choice but to buy, they have no choice but to sell, and that is a reality we are in right now,” said- he.

But the real estate agent believes the restrictions may now lead to increased demand after the pandemic ends.

“What is happening on the fringes becomes really important. Whether it’s buyers or sellers, there will be pent-up demand there, “said Dwyer.

However, Dwyer also says that the effects of the coronavirus could mean that people are changing their plans to put their house on the market or buy a new house.

“We see it on the other side of the coin, where we now have, say, 1,000 buyers and if only 500 can re-enter the market because of the financial commitments made during this period and this has hurt their savings” , did he declare. said.

While no one can predict when or how the industry will emerge from the pandemic, Dwyer predicts that the seller’s market may not be as strong as before.

In the worst case, I could see us maybe in the short term moving from an extreme seller market to maybe a balanced market, “he said.

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