We had a hot August!September 3, 2020 11:00 am
August in Real Estate is usually a sleepy month. This is a time where families are concentrating on vacation’s more than buying a new home. This year everything is different because of Covid. We had our Spring market start in June and has carried on through August. The fall market is now here and I am sure September will be a busy month for properties coming to market. Will buyers be there to purchase? I believe so! One of the reason’s is families are looking for more room. Working from home has taken on a whole new aspect to a home’s function. Many condo dweller’s are especially feeling the squeeze for space and will be looking to move into the freehold market. There are many buyer’s waiting for the market to correct (prices reducing). I don’t see this for freehold but there might be a correction coming for condos, it all depends on small condo investors and how long they can afford to pay mortgages with no tenants. My advice to all landlords is to accommodate the financial challenges your current tenants are facing. A tenant paying a reduced rent is better than having no tenant!