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Perspective on the Red Deer and Central Alberta real estate market and how Coronavirus / COVID-19 might impact it.

central alberta coronavirus perspective Realty wants you to stay safe and help others to do the same as we come together to stop the spread of COVID19.

We’re all feeling the gravity of the situation. Children are being kept home from school. Businesses are closing their doors. And Canadians are waking each morning wondering what the day will bring.

These are unsettling times and you may be facing some challenges related to the impact of COVID19. You’ve placed your trust in us and we’re here to help.

These are trying times. But you can take comfort in the expertise of our public health officials, the coordinated response of our provincial and federal governments and the strength of our financial system. We’re here for you and will be in the days and weeks ahead. We are committed to helping Canadians get through this.

First things first – everyone should overreach with all recommended precautions to prevent the spread of the virus. As Canadians, we were lucky to learn early of mistakes other parts of the world made with precations and why they’re being hit hard now. In a situation like this being preemptive and overcautious is prudent and will help in the long-run.

We know we can moderate the spread by “social distancing” and diligent hygiene, so a simple plan to stay at least 10 feet from others, limit our touching and wash our hands as often as possible will limit risk and allow everyone some normalcy.

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Some news we hear makes it feel like the world is shut down and that’s probably due to the remarkable and understandable measures like school closures and limiting dense gatherings to limit transmission. We can still safely carry on some activities if we consider precautions and limit interaction as much as possible. Essential services like grocery stores are still open and risk is lower with more people staying home.

The real estate market will ride out the storm rather well but I think it will slow through the uncertainty. Some buyers and sellers will decide to wait but others will move forward with their plans knowing a real estate transaction can be safe. Some sellers will prefer to remove their listing for now and that’s fine for the time being because most people will understandably have their mind on other things.

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The biggest impact we’ll witness is lower inventory. Some sellers will postpone their sale and the lower inventory won’t hurt. The Central Alberta real estate market has had high inventory for years so even moderate buying could lead to a more balanced market.

Incredibly low-interest rates right now will encourage buying activity and anyone able to take advantage of them will benefit immensely over the next 5 years. And sellers who do keep their homes on the market might see more interest during a time with fewer competitive listings.

The greatest concern that will contribute most to markets slowing is unemployment and economic uncertainty and because of the uncertainty, only time will tell what happens overall.