(Nicole Reis/meadowlakeNOW Staff)

By Nicole Reis

REAL ESTATE MARKET

Local real estate market adjusting to new reality

Mar 23, 2020 | 2:11 PM

Local realtors may have closed their office doors to the public, but the market is still active despite provincial recommendations to practice social distancing.

Kayla Petersen, Broker of Record with ReMax The Battlefords, told meadowlakeNOW transactions can all be done online.

“We’re lucky in that sense, a lot of our business can be done online,” she said. “The only challenge is to actually look at the property and have clients get a feel for the home.”

Petersen said the real estate showing is often a one or two person gathering. While open houses have been cancelled, there are precautions in place for private showings.

“There’s things we can do as far as showing homes like regular washing of hands, not touching surfaces and keeping a distance in the home allowing clients to go through it while agents stand at the door,” Petersen said.

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Petersen said the effects of COVID-19 will likely be felt across the local real estate market, but to what effect is unknown.

In the past week, she said clients have cancelled showings and sellers are not feeling comfortable with foot traffic through their home.

Walter Lorenz, Owner of ReMax The Battlefords and Meadow Lake has been in the real estate business for more than 20 years and is finding some showings are being cancelled, some not.

“I think this is dramatically different than a normal turn of the economy,” he said. “That’s where you see things that can find a correction and bring things back up again,” he said.

Lorenz said real estate transactions are still taking place and until the first part of April, the rural real estate market may adjust to a new reality.

“We’re offering virtual tours and extra images and we are in there with clients, but we keep our separation,” he said. “That’s doable one-on-one on a smaller scale, it’s the larger groups we have to be more careful with.”

Buyer and sellers becoming comfortable with the current situation could present challenges but Lorenz is confident the province has a grip on the pandemic.

The real estate market is subject to a number of economic factors though. Lorenz predicts recreational property sales could be affected in the coming year.

“It’s the recreation property that could likely take the bigger hit for the next short while. It could be the next year or next season of activity. It’s an area of expenditure that doesn’t have that need or area of importance at this time.

Both North Battleford and Meadow Lake ReMax offices are closed to the public. However, agents are able to conduct online transactions on behalf of their clients.

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nciole.reis@jpbg.ca

Twitter: @nicolereis7722