Pausing Open Houses and EOY Prices - November Updates
This month’s news update will look to both the present and the future as we take a look at the latest changes when it comes to open houses, as well as the end of year projections from the BCREA.
Pressing Pause On Open Houses
For REALTORs®, sellers, and buyers alike, the COVID-19 crisis has meant two things: having to adapt and find new ways of selling and buying houses, and knowing that things could change at any point.
We’ve once again reached one of those moments, as real estate agents throughout BC are being instructed to temporarily halt the holding of open houses.
This measure has been passed down from both the regulatory agencies who oversee real estate professionals in the province and from the provincial association which represents REALTORs®.
This means that REALTORs® will once again be relying on virtual tools to showcase houses to clients.
End Of Year Prices
In a sign that the market is continuing to defy expectations, the BC Real Estate Association has released its predictions that the average home price by the end of the year will be a 10% rise over that of 2019.
These projections were made in the organization’s annual fourth-quarter housing forecast, and are up from the 7.7% rise that was projected by the previous quarter’s forecast. Experts have attributed these numbers to a combination of increased pent-up demand and a market with a diminished number of available properties.
Now more than ever you need a REALTOR® with experience and knowledge, someone who can help guide you through the process as much as possible. Here at Jack Barker, we provide every one of our clients with the support they need. To find out more about the services we’re currently offering, contact us today.