The see-saw month we just had in March was almost like that… it came in like a lion but went out like the proverbial lamb with the onset of Covid-19 restrictions on open houses and property showings and social distancing became the norm.
For the last two weeks of the month, agents have been told to NOT have open houses to avoid crowds gathering and showings have often been limited by seller request or by buyer reluctance to go into someone else’s home with the danger of community spread of the virus.
Quite a few downtown condo buildings have prohibited suite showings entirely and there are more buildings joining that list almost daily.
Some Realtors with listings have used creativity to create more comprehensive ‘virtual tours’ with expanded 360-degree video experiences to offer buyers a better feel for the interiors of a condo suite or house. The intention is to reduce the necessity of as many physical showings to only those buyers who feel the particular condo or house will fit their personal needs.
Some buyers are choosing to put in their offer ‘conditional upon a personal inspection’. This gets them into the negotiation phase faster but still gives them the opportunity to view the home in person before firming up their purchase.
Mortgage rates have been bouncing around as well in the last two weeks with lenders becoming more selective in who they approve (higher credit score needed) and sometimes even requiring a ‘phone check’ on the day of closing to confirm the buyer still has a job.
We’ve been seeing some investment condo owner clients not able to collect their full (or even partial) rent on April 1st and other property owners who’ve lost their jobs and become unable to keep their homes. If either of these events has happened to you, and you need some advice and counsel as to future options, I can offer some help.
The first thing you’ll need to know is what are your options and their respective costs (and benefits) to you. The second is to find out what your condominium or house is worth in today’s topsy-turvy world.
To arrange for an up-to-date condo suite valuation, go to DowntownTorontoCondoValues.com - please BE SURE to leave me your condo’s monthly maintenance fee so I can send out your report.
For a specific house valuation, click on DowntownTorontoHouseValues.com.
To keep current on market activity changes and analysis during the month, go to Facebook and ‘Like’ my Thomas Cook In Toronto page.
Watch the video or read my March 2020 Market Report Analysis and please keep me in mind when any of your friends are talking about buying or selling real estate in Toronto.