Is the landscape of buying and selling homes in PG changing due to COVID-19?

How are housing sales in Prince George impacted by the coronavirus?

Here’s an example.

In March of 2019, 91 single-family homes were sold for an average price of $373,000, while last month saw just 35 houses taken off the market for an average price of 390-thousand.

Bob Quinlan with Re/MAX City Centre Realty told MyPGNow.com they have taken additional steps to better protect buyers and sellers.

“We are advising clients especially sellers that we need a disclosure that the house on the property is clean and to make sure that any buyers are so serious so we are screening any purchases.”

With open houses being eliminated, Quinlan adds the different types of virtual tours are filling the void.

“We’ve got a number of properties and a number of companies that will manifest more than just these virtual tours, we might see different styles of virtual tours in and out of the property with drones taking pictures and people will be able to look at the properties and preview them more.”

Quinlan said the virus and the lower volume of sales have been a game-changer up to this point.

“That’s going to affect everything because prices will come down and lenders will be getting a little bit more scared and be concerned. The proof of finance ability is really going to change because people may have gotten a letter two weeks ago but now all of a sudden they don’t have a job so, therefore, the banks aren’t going to fund any purchases for them.”?

On the flip side, Quinlan is of the opinion Prince George is better prepared to deal with such a crisis.

“I have also believed that we are insulated because we are more versatile and more, prices are lower and incomes are a lot higher. Again, we will weather this storm and the beauty of this is that we have a low-density population so we can separate ourselves from others and our homes are designed that way.”