Questions about the YQR market? Here’s what you need to know now!
Mounting job losses and concern about how a COVID-19 world is going to affect the economy has many wondering if property values will drop – along with their net worth.
It is reasonable to assume that demand for homes may be reduced in the short term as buyers are concerned about their employment status and financial stability, although there is also a segment of buyers whose jobs are secure and salaries are protected so their plans to move forward with a purchase are relatively unchanged.
We are still seeing activity in the Regina from both buyers & sellers although fo rthe most part those sales & purchases are necessary rather than discretionary.
So what will the effects of all of this really be? That is still yet to be determined and we will be watching and updating you with market activity and stats.
One thing we can count on is that the housing sector likely won’t see the typical spring bounce we would normally expect.
So what does this all mean to you? As a homeowner... or as a buyer, what should you be doing now?
- First of all, Don't Panic. Like any asset, the only time you should be concerned about the current valuation of your home is if you want to sell it.
- If you are considering buying a property in the near future & are employed you can start the process of mortgage pre-approval and get a budget set out for your house hunting process. Once that is done you are set to hit ground running!
- If you are looking to purchase new or to refinance your current property, ask your employer for verification of your job status. Lenders are more likely to support your situation in both a future purchase and also in discussing refinancing options, if they know that a steady stream of income is expected.
Lenders are busy working as homeowners explore financial options to offer themselves some breathing room during this period of uncertainty.
These are stressful times, and managing your financial situation comes down to what is right for you. There’s no one solution for all, so explore your options.
If you have questions about the market and how it will you affect you specifically, we are here to help! Feel free to reach out at firstname.lastname@example.org
Stay safe & healthy!
~ Karin & Jen