In an effort to keep up with what is happening in the housing market, Dave and Reb speak with Mark Wilson from Royal Lepage Performance Realty on today’s podcast. With the coming of Covid-19 and the economic slowdown that has resulted, the housing market took a noticeable shift in the National Capital Region.
January and February saw record prices compared to the same months in 2019, and even March was up 16 per cent over March 2019.
“Right up until March 18th we were in a full blown seller’s market, but that day our world changed,” Mark says. “But understand the market has changed, it hasn’t plummeted.”
Houses are still selling, and it remains a seller’s market, according to Mark, but many buyers are stepping back to keep safe. According to what both Dave and Mark are seeing in the mortgage and real estate markets, people are waiting to put their homes up for sale until they see what happens as the lockdown continues.
“Right now there is less competition and there is decreasing inventory because people are taking their houses off the market,” Mark says.
People are also changing how they are looking at homes and making offers. While Pre-Covid, the market was frantic, with many offers on a home, and homes selling over asking price, the process has slowed down considerably.
“The blessing now is that people have become more thoughtful as the process has slowed down, and they are not rushing into a purchase,” Mark says.
Listen to today’s show to learn about buying and selling in the National Capital Region during these unprecedented times.
To reach Mark Wilson, go to www.wilsonrealestate.ca .
Or if you have more questions, listen to Dave and Reb live on Facebook this morning at 10 a.m. Just go to https://www.facebook.com/MoreThanEnoughFinancial/.