The coronavirus pandemic is creating a unique set of circumstances for nearly every industry. The received wisdom isn't always working these days, and if you're trying to sell your home during the pandemic, you need more than just general knowledge about the Toronto housing market. You need specific, real-time information about how things are playing out.
Navigating the Toronto Housing Market in Uncertain Times
1. Know What's Happening
The Bad News
There's no way to sugar-coat what's happening. The real estate market throughout Canada, and in Toronto, is reeling. Adjusted seasonally, the market for homes has fallen more than 66% since March.Some of this is due to required social distancing, which makes it harder to get buyers in to look at a home. The economy has also taken a hit, driving down prices from March even as buyers decide to wait a bit before making a move.
This is due in part to the new reality of the home as the center of the universe. People are working from home, educating their kids from home, even attending parties and church from home. Home prices are stable in part because, even as the economy dips, the home is more important than ever.
Choose agents with a 24-hour-a-day online presence and the tools to offer digital solutions. Agents who are already connected and used to a digital environment will be ready to help you work around traditional marketing tactics that can't be used during a pandemic.
A video allows buyers to actually feel the layout of the home in a way static pictures cannot. While potential buyers will always have to come to see the place in person eventually, you'll narrow the field more quickly to the truly serious buyers by providing a good video.
The Good News
The good news is that the market is still holding its own. Yes, there has been a price drop since March, but the average selling price hasn't changed much year-on-year from this time in 2019, and the benchmark price rose by 10%.This is due in part to the new reality of the home as the center of the universe. People are working from home, educating their kids from home, even attending parties and church from home. Home prices are stable in part because, even as the economy dips, the home is more important than ever.
2. Get Digital Assistance
Because things are changing quickly, it's more important than ever to work with someone who has their ear to the ground. You're going to need them to help you think outside the box.Choose agents with a 24-hour-a-day online presence and the tools to offer digital solutions. Agents who are already connected and used to a digital environment will be ready to help you work around traditional marketing tactics that can't be used during a pandemic.
3. Develop Pandemic Strategies
Ask About a Video Tour
Now is not the time to be hosting an open house, but it's a great time to put together a video tour to upload with photos to MLS websites.A video allows buyers to actually feel the layout of the home in a way static pictures cannot. While potential buyers will always have to come to see the place in person eventually, you'll narrow the field more quickly to the truly serious buyers by providing a good video.
