What Comes Next For Our Local Real Estate Market?
How the global pandemic has affected real estate sales in our local communities has been somewhat of a surprise with very strong market activity. We have witnessed many multiple offers and an influx of individuals and families relocating to our community. With all this uncertainty, the question on everyone’s mind has been what comes next? We might not have a crystal ball to predict the future but fortunately, we can look to historical data to predict what is next for our local real estate market.
We have been blessed to live in a safe area with very respectful neighbours. Families seem to be moving to the Comox Valley to echo this and to experience the unique lifestyle offered. The demand for our community is going to remain strong in the long term as world events continue to push people out from the higher density cities into the semi-rural areas on Northern Vancouver Island.
All this movement has resulted in strong market activity with record sales months taking place in the single-family home market but we can expect some after-effects from this type of activity. It is wonderful to see these strong sales; however, historically this type of excitement has been followed by a cooling-off period in the market. Therefore, we can expect to see slower activity in November, December, and January. It’s easy to get caught up in a frenzied market but it is helpful to remember that market activity will ebb and flow just like the tides. The good news is that we can expect another strong market for spring and summer 2021.
Our main priority over the last six months has been ensuring that our agents are adapting to the new way of business and respecting the number of safety practices we’ve put in place to ensure the health and safety of our agents and their customers. Our agents have accepted these new changes with resilience and their enthusiasm to help their clients has remained unchanged.
As an office, we have changed the way we do business and are constantly adapting. For example, since we were unable to host an awards ceremony this year, we are moving forward with an online ceremony using Zoom and plan to have special guests attend virtually from our head office.
We want to thank all our clients for navigating this new way of business. We couldn’t have made it through the first part of this year without your support.
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