By: Tom Bushey

How is COVID-19 Affecting Home Prices in Your Area?

Tags: Selling a Home in Calgary, Buying a Home in Calgary

You're probably wondering, "How is COVID-19 affecting my home's VALUE?"

I can tell you that it hasn't impacted your home's VALUE one iota. Notta, Zilch.

True, the number of new listings have dropped, the number of sales have dropped, the number of days it takes to sell a home is longer, and the number of people venturing out to look at homes has dropped (but, the serious ones are still searching online AND going to see homes!). Real estate services in many areas – including Alberta – have been deemed essential, so real estate brokers still show homes, just much, much differently. I've had a number of clients ask for additional photos and videos of the homes they are interested in to supplement virtual tours and floor plans that we can often provide them. Sometimes, they'll then make an offer or, more often, they will book a personal visit with me to tour the home.

From what I have seen, there are very few price adjustments, if any, due to specifically to the pandemic. Only the very motivated buyers are buying right now, and sellers – for the most part – understand that. Yes, we do find sellers that are "on the market" but refuse any showings, but for the most part, sellers want to actually sell their homes and not just have it posted to our MLS System and agent websites.

While I would love to be able to tell you what will happen to the market, the real answer is that we don't know 100% how this will affect the market. This is why it would be great for you to register to my COVID-19 page as my website systems will automatically send you updates on what's happening specifically in your area and what homes are listing for and eventually selling for.