The best time to sell a property is in spring when flowers bloom, the gardens look greener, buyers come about, and summer holidays are coming up to make moving easier. But does that general rule of thumb apply to the years of the pandemic?

Property Sales During COVID-19: An Overview

While it’s true that there are more listings in spring, it fuels the fact that “sell in spring” is false psychology. Anybody looking to buy a home will venture out in a raincoat to get the job done, spring or not. Therefore, the willingness to buy is not dependent on the seasons but indirectly affected due to the number of listings. The COVID-19 pandemic validated this fact. Despite various warnings of a real estate doomsday scenario, where property values would plummet due to minimal demand, there has been only a moderate fall.

Canada vs. US Prices

Instead of the real estate falling house prices to attract homebuyers, the industry all over the world and particularly Canada witnessed quite a spike in prices. According to a report from Federal Housing Finance Agency, house prices in the U.S. rose 7.8% from the third quarter of 2019 to the third quarter of 2020. Similarly, according to the New Housing Price Index of Canada, the 27 major housing markets covered in the report showed significant gains in their prices from February 2020 to August 2020, as compared to the year before the pandemic.

Changes in Home Ownership

Faced with a health crisis, people are more aware of the ‘importance’ of owning a home. Buyers now require bigger lots, additional spaces, and larger homes to accommodate for the pandemic shift in lifestyle, and with everybody locked down due to social distancing measures. Remote learning and work-from-home have shifted the interest of homebuyers to residential properties that are equipped with amenities like a pool, balcony, and large yards to fill for the need for an outdoor experience.

Why should I sell my property during the pandemic?

Despite the uncertainty, sellers are having a good time in the pandemic. Purchasers, driven by the fear of unpredictability, have newfound energy and vision to create a long-term investment. This has opened new opportunities in real estate that were untapped in the years before. Here are the few pros and cons of selling your property during the global crisis.

Pros:

1. May likely encounter only serious buyers

2. Rising home prices worldwide

3. Low mortgage rates for next purchase

Cons:

1. Health risks to be concerned about

2. Virtual property tours would eliminate your in-house marketing tactics

Final Considerations

So, while there are only a few drawbacks to selling your property during the pandemic, the ultimate decision is yours to make. Consider your health foremost, and consult a real estate agent to guide you. You might have to take extra care in cleaning and sanitizing your property right now. Plus, decluttering would be essential to maximize virtual tours and photography. At the bottom line, you might have to wait some time for a good gig, but it’ll be worth the wait given the entire pandemic-affected real estate scenario.