We interviewed 7 Realtors regarding the Real Estate Market ever since Coronavirus (COVID-19) was announced a pandemic. Here are their responses: What types of buyers and properties were most prevalent prior to the Covid-19 pandemic - March 11th? "A lot of buyers were actually ready to buy toward the end of 2019 but wanted to wait till the new 2020 BC Assessment. It was expected to be significantly lower than the 2019's BC Assessment, so they were hoping to have more room to negotiate. I see a lot of investors going after 1-bedrooms especially in Olympic Village. I submitted 2 offers there and was going up against 15-20 other offers. Also, detached homes were very hot in the first 2 months before the COVID-19 pandemic. 40+ offered on a Kits detached, standard lot asking 1.88M and sold 2.4M with no subject." Edmond Fu, Realtor at Royal LePage.
604-218-0318
Edmondfu20@gmail.com "1-bedrooms in popular areas like Downtown, Crosstown, False Creek, Mount Pleasant and etc. Single Family detached homes ready to move in, in the $1.4M to $1.6M." Graeme Lin, Realtor at Oakwyn Realty.
604-808-1324
graeme.lin@gmail.com "High-end luxury houses remain low in demand but multifamily properties (condos, townhouses and duplexes) and detached houses in most areas have dramatically increased in traffic and transactions". Eddy Shan, Realtor at Homeland Realty.
778-870-3339
What are Buyers saying right now? "Locals are still very interested in buying and seeing but just thinking if they should wait. They also want to take advantage of lower mortgage rates. Investors believe the COVID-19 pandemic will force prices to come down in the future. Eric Fu, Realtor at RE/MAX.
604-787-9180
eric@tangandkung.com "Young /first-time buyers are sensitive to employment. They're very hesitant because of their employment status. They may not be laid off, but they're hearing stories of their friends who are on EI. They're concerned that their bank won't honor their pre-approval" Jimmy Lee, Realtor at Royal Lepage.
604-421-1010
jimmylee@royallepage.ca "With a recession on the horizon, job uncertainty, and witnessing the economic effects of the coronavirus on the markets, most buyers are waiting for the situation to stabilize before taking action. Some buyers who need a home, or looking to upgrade, are looking at this time as an opportunity to save money on the property that they've always wanted." Stanley Lam, Realtor at Royal Lepage.
604-773-3201
What are Sellers saying right now? "My Sellers wanted to list their property, but they want to wait until June and then reconsider. My existing listings with owners living in the house would like to suspend all viewings." Eric Fu, Realtor at RE/MAX.
604-787-9180
eric@tangandkung.com "My clients who listed their vacant homes still want to test the market, and showings are permitted. Homes that are occupied are holding off since they don't want random people entering their property during this COVID-19 pandemic." Graeme Lin, Realtor at Oakwyn Realty.
604-808-1324
graeme.lin@gmail.com "We don't want to sell right now as we don't want to risk anyone being in our home" Jordan Scarpino, Realtor at Oakwyn Realty.
604-842-0962
What types of properties and areas are currently hit the hardest? "Luxury markets are hit the hardest in all areas. It hasn't recovered since 2018. We started to see some sales, below listing price, but now it's going to take another big hit" Jimmy Lee, Realtor at Royal Lepage.
604-421-1010
jimmylee@royallepage.ca "All properties got hit hard. Luxury properties never picked up much but "affordable" houses were on a way of a rebound before the hit. Eddy Shan, Realtor at Homeland Realty.
778-870-3339
eddyshan@gmail.com "Presale condos and luxury detached homes are hit the hardest." Stanley Lam, Realtor at Royal Lepage.
604-773-3201
stanleylamrealty@gmail.com "Luxury homes" Jordan Scarpino, Realtor at Oakwyn Realty.
604-842-0962
Where do you see the market in the next 6 months? "The market will be stalled. There will be a period of price adjustment. Sellers will want to be firm on the price and buyers will want to purchase at below asking price." Eric Fu, Realtor at RE/MAX.
604-787-9180
eric@tangandkung.com "It really depends on how confident buyers are. Entry-level market, regardless, will have an uptick." Jimmy Lee, Realtor at Royal Lepage.
604-421-1010
jimmylee@royallepage.ca "I see the market adjusting to the new social norms, with both demand and supply lowering, prices will drop slightly in the beginning. However, it will stabilize and will go back up once we start seeing signs of the pandemic situation improving. I also see presales rebounding with people preferring to buying brand new units that have never been lived in." Stanley Lam, Realtor at Royal Lepage.
604-773-3201
stanleylamrealty@gmail.com "I see it rebounding pretty hard as inventory is still low and there are still a lot of Buyers out there" Jordan Scarpino, Realtor at Oakwyn Realty.
604-842-0962
What buying opportunities do you see when the pandemic is over? "There may be Sellers where their income and/or savings were heavily affected by the COVID 19 crisis, Sellers will want to cash out. even at a below-market price." Eric Fu, Realtor at RE/MAX.
604-787-9180
eric@tangandkung.com "Below cost assignments and definitely some deals on the re-sale side when all this is over. With the market crashing and a lot of people getting laid off, Sellers may need the money and may probably accept something less than the market. It will probably be a good time to buy anything- stocks, real estate...etc. We shall see! Edmond Fu, Realtor at Royal LePage.
604-218-0318
Edmondfu20@gmail.com "Investment properties will get hit hard in current situations. If you are planning to buy and live there for a long period of time, any property is a good opportunity after the pandemic is over." Eddy Shan, Realtor at Homeland Realty.
778-870-3339
eddyshan@gmail.com "People being forced to sell as they cannot afford their mortgage so I think there will be a lot of great deals out there." Jordan Scarpino, Realtor at Oakwyn Realty.
604-842-0962
There continues to be lots of changes caused by the COVID-19 Pandemic. Feel free to contact us and we'll help you navigate through this time of uncertainty.