The Value of a Good Real Estate Agent in the Current Market

Good Morning

As mentioned in last week’s newsletter, 24 hours is a long time in this current economic and social climate. The Government has stepped in with the lenders to offer a vast stimulus package to assist individuals and businesses. I will cover a few points below however I won’t rehash what we see in the 24hr news cycle we currently have on COVID-19.

The Real Estate industry is adapting with the times after the halting of open houses and auctions by implementing private viewings and online property auctions. This was after a weekend where over 50% of properties were withdrawn from auction, however some of these would have been sold prior to auction having offers on the table and jumping at the opportunity.

Clients have been asking what I think the market will do. I believe that with rates at a low and the stimulus package coming in place, that there will be less properties on the market as clients wait to ascertain the impact on property prices and how the current pandemic plays out. However, I think it will be a “buyers’ market” and this is where having a strong relationship with good Real Estate agents comes into effect. This won’t be the time that clients scour the internet looking for properties to view on a Saturday at their own accord.

I have been advising clients still looking to buy or sell to let their Agent/s know. I think this opens up the experience of the Agent to source the properties through their database of buyers and sellers. This is where its crucial to work with the right Agent and Agency to find properties that are off market. There may not be as many properties listed but there are still certainly people wanting to sell and buy particularly in this low interest rate environment.

So, I would advise you to talk to your Real Estate agent and discuss a strategy that they recommend in this market. This is where their experience pays off.

Government and Bank Benefits

For those clients who do have a current mortgage and need to take advantage of the six month repayment deferral, please feel free to have them call us and we are able to assist. All lenders are guiding clients to their websites to complete an online form and the bank will return their call.

This is a great opportunity to help clients, and also to review their current interest rate and loan structure. As mentioned last week lenders are offering some great benefits and interest rates for refinances.

If you have any Commercial clients again the Government and Banks are offering repayment deferments and Government cash subsidies. Again, feel free to have clients call us should they need any assistance as Commercial interest rates have also reduced considerably.

I will email again shortly with some new rates and specials as we are expecting another round of deals to be offered by several lenders.

Have a great week, stay safe and we look forward to hearing from you soon.