With the economy going through a significant change, how could it impact the Prince George housing market?
Realtor Bob Quinlan explained to MyPGNow.com what he believes the pandemic could mean for sellers.
“Some clients or sellers are just concerned about who is going to be coming to their house and have asked their properties to go under a “Do Not Show” designation for the time being that may be needed to reduce this scare.”
For those still wanting to buy, Quinlan adds you’ll likely have to take an extra step.
“The biggest thing is that they are going to have to prove their income. I know stories of people who are working for companies that are told to work at home and they’ve got full wages and benefits coming so they’re fine but a lot of people who are relying on income from whatever jobs who are now going to be restricted and all of a sudden some of these companies aren’t going to be able to continue.”
“The areas that I look at that may affect the market are going to be homes that are going to be properties, which have funding in escrow or are just waiting to complete.”
Due to the seriousness of the pandemic, people have loaded up on certain items at grocery stores including toilet paper and other sanitary products to reduce their risk of contracting coronavirus.
“I think you’re going to have the hoarders and I think we’re already seeing that mentality out there, I think it has always been out there but it’s now going into a fever pitch as we see. This is really going to affect us in so many areas we don’t even know yet.”
He adds this is a situation where we don’t know how long this will last and regulations are changing daily.
Canada’s big banks announced they will defer mortgage payments for up to six months for Canadians that need it.
Something going on in the Prince George area you think people should know about?
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