Vancouver Island Real Estate Update, Re: Coronavirus

Which part of the iceberg are you?

• 
• By Nancy Smith
• Qualicum Beach REALTOR®
• Published: Mar 19th, 2020 at 1:37 pm

UPDATE: Coronavirus and the Impact on Real Estate Sales on Vancouver Island.

The media is full of information and some of the media is ripe with mis-information. We listen, we hope and then we act.

Understanding the current definitions of a lock-down, no socializing and stay at home to contain the spread of the virus is what we hear, but what does that mean?

Tens of thousands of people will be without a job, especially in gathering places like factories, retail and recreational facilities. However, 'supply lines' have been labelled as 'essential services', as are drug stores, grocery stores, gas stations and thousands of 'essential' businesses. Which means, millions of people still have jobs.

Like every other panic, the job of the government is to keep people safe. This means they will do things to pacify the masses.

That all stated, what will happen with real estate sales and purchases? Basically it will be business as usual, as the majority of people need homes, need to work, neat to eat, and need to provide for their families. The intial impact has been already felt in numbers of scared people who have decided to postpone shopping for their future, but that still leaves the bulk of the iceberg of investors, retirees and people who need to make life adjustments, getting ready to pounce on the first sellers drop their resistence, and panic sell.

If you need to list your home, call a cool level-headed REALTOR,  ask a knowledgeable person to help navigate the process, call NANCY SMITH RE/MAX.  @ 250 667-0719