Home Sales Will Pick Up
Normally, the summer is a quieter time in real estate than the spring and fall. Buyers are busy enjoying outdoor activities, on holiday or entertaining guests. But this year will be very different. Travel plans have been postponed, festivals cancelled and people will stay closer to home. So what does that mean for the Calgary real estate market? We predict that showing activity and home sales will pick up this summer. The next 90 days will be the busiest in real estate this year for the following reasons:
Buyers Are Staying in Town
Instead of being away, buyers will be around the city. They may use some of their time off to shop for a new home. Because of this, the summer months will be the ideal time for the purchase of a new home. The Calgary real estate market will be busier this summer than summers past.
Thinking of a Staycation
Some buyers are looking for a property that offers a sense of being away without leaving home. We have noticed that some of our properties that offer amenities such as lake access or outdoor spaces have been getting more interest. Instead of spending money on travel or a vacation home stateside, buyers are looking at what they can get here that gives them that feeling of a getaway without leaving the city limits.
Reassessment of Needs
During the last few months home owners have reassessed their needs and they will be ready to act quickly and get settled before the late fall. You can read more about this in our last article How the Pandemic Has Changed Home Requirements. It outlines how different areas of the home have become more important to certain buyers.
Pent Up Demand
Most buyers who had planned to purchase in the spring put their plans on hold durning March, April and May. Now that restrictions are lifting, safety precautions are in place and technology has made it possible to view homes virtually through 3D tours they are comfortable resuming their search. Because of this pent up demand, the Calgary real estate market will see increased sales this summer.
The Threat of a Resurgence
We’ve had many conversations with sellers and buyers who are anxious to make a move this summer and be settled by fall because they fear a second shutdown. They have expressed that they are more comfortable shopping for a new home now while restrictions are eased. For some, this pressure of being in their new house before the winter has been a driving force for sales.
Safety Precautions and Adaptations Will Continue
We quickly adapted how we provide service to our clients in the early stages of the pandemic and remain focused on their health and wellness as they buy and sell homes. In addition to maintaining a safe distance, we property sanitize and wear protective masks. We have increased our use of 3D tours to showcase our listings and give buyers a sense of the property without having to walk through. As well, we carefully vet the houses we are showing, our buyers and our sellers to ensure they have not come into contact with or are exhibiting symptoms of COVID-19. We will maintain these adaptations and precautions through the summer and into the rest of 2020.