Our guest today is Ross Storeshenko, one of the partners from Edmonton House Hunters who are with RE/MAX Select. Ross is here to talk about the effect the Covid-19 pandemic is having on his business and real estate as a whole.
[0:39] What impact has the outbreak and lockdown had on your business?
- Sales are down. We are used to doing more deals around this time.
- Use of protective clothing, gloves and masks during every day work.
- There are misconceptions about discounts. There is a disconnect between sellers’ and buyers’ expectations.
- Fewer new listings on the market.
- A majority of business is new homes. People don’t want to or can’t afford to sell at this time.
- Builders are out of work. They need to drop costs in order to make money.
- Whether or not you will get a discount varies situationally.
[5:10] Is this due to buyers’ perception of risks attached to lived-in homes?
- Yes, however, it is unlikely to be a genuine risk.
- The Alberta Real Estate Association has instigated a ‘Buyer hold Harmless’ form to cover liability in case anyone does contract the virus.
- Sellers are often requesting additional questionnaires regarding health.
[6:18] What is the state of the Edmonton market right now?
- For the most part, business as usual.
- The market is still very busy. This is most likely the bottom line that the market can go.
- Stability depends on how soon people get back to work because employment dictates house prices.
- Mortgage rates are low, provided you are still employed.
[8:31] What kind of impact do you think there will be in Alberta adding in the factor of dropping oil prices?
- The two markets are linked but it will take time to see the full effect if any.
- Realistically, there will be a small drop in prices for a year or two and sellers may have a hard time.
- You may take a hit selling now but appreciation on bought property will be greater long term.
[11:58] What changes in marketing have you seen?
- More virtual tours.
- Making more posts online about listings.
- Showing fewer properties to reduce potential exposure.
[13:49] What does the future look like post-Covid-19?
- There will be a pent-up demand. Statistically we could face a boom.
[14:55] How did you get involved with real estate?
- I’m a third-generation realtor.
- I began renovating homes at 13 as dad had a business flipping houses.
- After school I moved into surveying, then onto Daytona Homes where I learned the process from start to finish.
- I moved into sales and started my own office with my partner Kenny.
[17.15] Have you won any awards?
- RE/MAX Select reached top 25 in the city last year, our goal is to be top 10 this year and ultimately number one.
[18:04] Do you have areas of specialty in the city?
- Any areas, but especially sub-areas and acreages that are often overlooked by other realtors.
[19:30] Was there a specific moment you realized realty was for you?
- It was more being able to help people and realizing I could make a difference.
[21:04] What’s the most frustrating thing in your recent transaction history?
- People asking for discounts before going through the pre-approval process.
[22.59] What trends have you seen in the last few closings?
- Longer time is needed for financing as everything is operating slower.
[24:48] What attributes should someone look for in a realtor if they are buying out of province?
- Integrity, customer care, experience and transparency.
[26:20] Do you have any final thoughts?
- If you are currently renting, now is the time to seriously consider buying.
Contact Ross Storoshenko