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About this episode of the I Love Edmonton Real Estate Podcast:
Ross Storeshenko joins me to talk about the major effects the Covid-19 pandemic has had on the Edmonton real estate market. As a partner of Edmonton House Hunters with RE/MAX Select, Ross has seen some major changes to the market and to businesses due to the pandemic. In this episode we cover several market impacts and share advice on how to continue conducting business.
Listen in and enjoy!
[0:39] What impact has the pandemic 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 my 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.
Connect with Ross Storoshenko
Website: www.edmontonhousehunters.net
Email: rosss@remax.net
Phone: (780) 965-1544
Social:
https://www.facebook.com/ehhunters/
https://www.linkedin.com/in/ross-storoshenko-a11509135/
https://www.instagram.com/homes_hikes_huskies/?hl=en
More About the I Love Edmonton Real Estate Podcast
Host Jason Scott of The Mortgage Group talks to everyone and anyone who knows real estate in Edmonton.
Learn from local experts and get the inside scoop on anything that impacts Edmonton’s real estate market. Whether you are thinking of buying, selling or investing in the Edmonton market, Jason and his guests are here to help.
We interview top real estate professionals, decision-makers, influencers, and people who can help you learn more about what’s happening in Edmonton.