It Will Be OK… in Real Estate, too!
April 1, 2020
We recently joined the #ItWillBeOk movement to help spread positivity and a message of hope in our communities. At Purplebricks, we truly believe that it will be OK, particularly in the real estate sector.
Many homeowners are wondering if now is a good time to put their property up for sale. Here are a few things to consider to help make an informed decision:
Housing: An essential need
Despite the exceptional situation our society is facing, thousands of Canadians will still need to find a new home over the coming weeks.
“Many people did not renew their rental agreements because they intended to buy their first home; and others signed an offer to purchase on a property or started building a new home and now need to sell theirs,” explains Randall Weese, Broker of Record for Purplebricks. “The real estate market is still active for many Canadians and we are there to support them any way we can.”
Lower interest rates
Over the past several weeks, the Bank of Canada has reduced its overnight rate from 1.75 to just 0.25. Variable mortgage rates are based on the Bank of Canada’s overnight rate. This means that homebuyers can get a desirable interest rate on their variable rate mortgage loan, which will encourage buyers to initiate the buying process.
Though it might not seem like it, the coming days of confinement will be conducive to property searches on Purplebricks.ca. “Our site continues to have millions of visits. Buyers are still looking. They are flagging their favourite properties and are contacting us to schedule visits virtually, or gathering more information on the property,” Weese says.
Sell safely with Purplebricks
Those who want to put their property up for sale now can do so, safely, with Purplebricks.
“We have the ability to put properties on the market with our new virtual appointments. Our REALTORS®, along with our customer service and offer and negotiation teams, are fully operational and working from home. They are ready to help Canadians embarking on the selling adventure in our new circumstances,” says Weese.
And, the fact that selling with Purplebricks means saving thousands of dollars in commission is an extremely important advantage given the current context, with thousands of Canadian families expected to face financial hardships over the coming months.
“Commission can be tens of thousands of dollars,” adds Weese. “Saving thousand of dollars is even more important in today’s context, and we are here to support families who need to sell their homes.”