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Real Estate Market Minute

Real Estate Market Minute

Home sales and prices will likely face declines in the spring and early summer, with a recovery along with the economy in the second half of the year, according to the latest projection from BC Real Estate Association (BCREA) Chief Economist Brendon Ogmundson.
“Unsurprisingly, the results of our simulations show a steep decline in home sales in the second quarter of this year as economic activity becomes eerily quiet,” said Ogmundson in the latest BCREA Market Intelligence Report.
Both the Real Estate Board and Real Estate Council of BC have recommended that realtors cancel all open houses and have eliminated the ability for open houses to be advertised through the public Multiple Listing sites and .
The normal requirement for realtors to be able show listed properties has also been suspended. People with their homes listed are not currently required to let prospective buyers in to see them.
We are seeing fewer buyers coming to the Coast on the ferry so the need to “virtually” show properties is going to become a necessity in the next few months. Realtors can do the following to accomplish this:
Professional photos are often the first exposure to your property so it’s critical that these images portray your home in its best possible light while creating an emotional reaction with potential buyers.
Floor Plan. A good floorplan is literally a map that details the size and layout of your home. Having your property precisely measured by a professional provides additional peace-of-mind to all parties: everyone knows that the square-footage being advertised is recent and accurate. It also allows a potential buyer to plan where their furniture will go should they buy your home.
Video is something that buyers expect to see and is an absolute must-have for every listing. A walkthrough tour allows them to experience your home without having to visit. This can be a real time-saver if you work from home or have kids. It’s especially helpful in this time of social distancing.
Virtual Staging is when the original photos are edited to show what your home could look like with different furniture or finishes. Virtually staging or virtually renovating your property may help attract buyers that are willing to do some renovation prior to moving in. With most trades people and painters not currently working inside, this can allow you to make the best possible first impression, even if the work hasn’t been done.
Matterport is a three-dimensional camera system used to capture imagery, collect measurements and process data to create a 3D rendering of a property. The technology allows a potential buyer to virtually “walk-through” the home on their phone, tablet or lap-top.
For more information on any of these technologies you can visit,,,,
Tony Browton is an award-winning Realtor who lives and works on BC’s Sunshine Coast.
His weekly blog can be found here

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