The global COVID-19 pandemic has been a whirlwind of changes
Housing Market During COVID-19
Posted On: Thursday, July 16, 2020
The global COVID-19 pandemic has been a whirlwind of changes, worries, and marketing anomalies. Businesses that feared a major downturn have been receiving record high sales — the people of Edmonton and the world are not ones to shy away from ‘adding to chart’ to counter their boredom. The housing market also happens to be one of the groups that seems to be doing just as well, if not better, in the COVID-19 season.
According to Realtors of Edmonton, the total number of residential unit sales in the Edmonton area increased by 13.69% in June 2020 compared to June 2019, and the increased 77.27% compared to May 2020. This huge increase is hard to explain, especially considering the major economic downturn in March and April and that generally in Canada, the housing market was the lowered volume of sales since 1996, according to MoneySense; however, we have some ideas to both encourage consumers to purchase new homes and encourage builders to market the right way.
Edmonton Home Builders and Developers: How to Market for COVID-19
The Edmonton population has been spending an uncharacteristically large amount of time at home these last couple months, and now is a great time to push for a change. Many Edmontonians have grown incredibly frustrated with their houses, realized that it may not actually be a large enough home, or they may have been considering upgrading already, but the prices are encouraging them to make the leap, now. This is a great opportunity to update your advertising, increase your budget, and reach more and more people in the area. Fear of downturn is never a good reason to pull back in advertising, because if you push forward or increase your advertising, especially while others are pulling back, you’ll be the biggest fish in the smallest pond.
- Educate Yourself on Mortgage Rates
Understanding what kind of mortgage rates a person can get on the home you build can be a huge advantage to encouraging them to move forward. If someone has the funds available, reminding them that economic lows is the best time to invest may both turn them towards purchasing and show your company as educated and trustworthy. Find a reliable, go to mortgage partner to help guide your customers through the whole process. Be the partner and professional home guide that consumers are looking for.
COVID-19 has changed the ways every business has to conduct itself, and the same goes for builders and their showhomes. There are plenty of ways you can adapt your showhome to be COVID-friendly. Doing this will help customers feel more comfortable as well as let them know that you don’t take the safety of them or your staff for granted, which helps place you as more trustworthy and educated in the government and AHS sanctions. Items you can include are providing masks, discouraging any touching, hand sanitizer stations, booties rather than getting people to take off their shoes, private tour booking options, and virtual tours for online viewings.
Edmonton Home Buyers: Why Now is the Right Time to Buy
- Interest Rates are Incredibly Low
The old adage “buy low, sell high” may have come from the stock market, but it still applies to the housing market. If you’re ready to purchase a home, now is a great time to apply for a mortgage loan and lock down your mortgage rate for the next 5 years. You can save a significant amount of money by choosing to purchase a home during an economic downturn, so if you have the ability and the urge, it’s a great choice.
- Better for You. Better for the Builder
Another advantage to purchasing a new home during an economic low is you will have more of your builder’s undivided attention. If they’re less busy, they can get your home done faster than during an economic boom where it seems like everyone is buying a house, and they will have more time to answer your questions fully. It’s also great for the builder as they will have a project to keep their company and staff going. If you have the funds, helping stimulate the economy by investing in your new home has plenty of advantages!
Not to be flippant, but with less social activities happening this year, now is a great time to put on a fresh coat of paint and sell your house (if you’re an owner looking to build new). There’s also more available time for packing, making design choices for your new home, and general set up and take down of your homes. Packing and unpacking are incredibly time consuming, so choosing to do so when your social schedule is limited at best is a great choice.
The housing market is coming back in full force, and communities and showhomes are open and ready to be viewed in person. Don’t miss out on all the Edmonton housing market has to offer, and happy home shopping!