The Motria Group Market Blog: With the world at war with Covid-19 we are all trying to figure out how to adjust to our new reality

Wednesday Mar 25th, 2020

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With the world at war with Covid-19 we are all trying to figure out how to adjust to our new reality. Health is number 1 and we are all trying to preserve our health while keeping our lives running. Real estate has qualified as an essential service but we are not running business as usual. We are limiting contact with clients to a bare minimum. Unless it is critical we are deferring our business until the crisis is over, What we do know is that there is buyer demand. A week ago we listed a house for $699,000. Before the Emergency Act we had over 40 showings and last night received 8 offers. Interesting to see how the market responded to the house which in my opinion was substantially underpriced. 35% of the offers were lower - bargain hunters. 25% were over list - still lower than market in my opinion and 40% were in the lower end of what we estimated market value to be but still in the range. (Probably the new market readjustment). We sold 22 % over list price. Many buyers still believe in real estate and see this time as a buying opportunity. The number of buyers is probably down and we will probably see a decrease in listings unless people are motivated to sell. Showings will be more difficult and sometimes we will need to sell virtually. 

Please don’t hesitate to call us if you wish to discuss anything. We are here for you. Stay safe and healthy!

 


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