COVID-19 Lockdown is the Time to Get Ready to Buy

Dated: 04/21/2020

Views: 61

The worldwide COVID-19 pandemic has been a tragedy on massive scale. As most of us are at home keeping ourselves and our families safe and healthy, the toll that coronavirus has had on so many is more than we had ever planned for. 

Everyone is impacted, though some of us have not had the same financial impact as others. Some, still, have been positively financially impacted as the world’s money has been diverted to essential products and services.

Before we get into this too much, let me offer condolences to those that have been negatively impacted. I cannot imagine the pain that so many are going through. In addition, this article is not about taking advantage of people’s pain. It is, however, a look at how some people may be able to get into the market and get the break that they have been looking for. 

No person with morals wants to benefit from tragedy, but this is a time of change and even if you have been struck hard by the disease or the economic earthquake it can be a time of growth.

In is inevitable that in times like this, there will be a transfer of wealth. For those who have done alright through the crisis, your money is now going to be worth more in the real estate market. There are a few reasons

1.        Money is cheaper than ever

2.        Some things are getting a lot cheaper (other than bread flour, hand sanitizer, and toilet paper of course)

Real Estate as we know it is going to change. Right now, however, I think we can all agree that it is at least going to turn into a good deal for months or longer. 

The real estate industry is bracing for sales volumes to go down, yet there are many families that have found themselves in a situation where they may need to sell in order to recover financially or through their experience have found that they want something different. 

Now, I am not saying that as someone that is doing well through the pandemic you should sell and move into something similar with the money you made from selling. Chances are that your home might not be worth what it was, so an equity to equity change may not be right for you. The magic formula might be that you have cash in the bank that can be used to upgrade or buy an investment.

The one thing that is clear: as a person with money available, it seems to be a good time to start getting ready to buy. Here is what to do:

1. Look at what you can afford

Take inventory of your finances. Get a pre-approval from your bank or a mortgage broker. See what they say you can afford. A bank is usually pretty well plugged into the future of the market and they can help you decide if this is a good idea.

2. Setup a property search with me

A property search is going to show you what is on the market. You can compare it to your current home, dream upgrade, or investment dreams. I will work with you to figure out what those dreams are and can help you find the right thing to search for. 

The search will then come to your inbox daily or whenever new listings are created.

3. Start making offers

The listing price is not always the selling price. Most realtors, in fact, don’t get the price right. I am going to work with you to make sure that the price is right for the property and the exact situation. 

4. Get ready to move (or to find your renters)

Maybe we need to get ready to sell your place (we have a whole process for getting ready) or maybe we need to start getting the new place ready to rent and advertise it. Either way, this is a value-add advisory service that I am going to give to you. 

Summary

Buy low, sell high. That is the mantra for making a good investment decision. Let’s setup a zoom call to discuss your situation and the options available to you. Send me a text or book me directly today. I am working and available.

I want to close by again wishing the best for you and your family. I wish you good health, I wish you a prosperous year, and I hope that you find growth from this experience. 

 

Blog author image

Leilani Fong

Leilani was born and raised in beautiful Vancouver and graduated with a Bachelor of Business from Simon Fraser University. She brings to you 12 years of sales experience with a deep understanding of t....

Latest Blog Posts

COVID-19 Lockdown is the Time to Get Ready to Buy

The worldwide COVID-19 pandemic has been a tragedy on massive scale. As most of us are at home keeping ourselves and our families safe and healthy, the toll that coronavirus has had on so many is

Read More

Housing Market Conditions favor Home Buyers

VANCOUVER, BC – March 4, 2019 – The Metro Vancouver* housing market saw increased supply from home sellers and below average demand from home buyers in February. The Real Estate Board of

Read More