Home sales are being dampened by even more hurdles these days. With things like social distancing in place along with falling oil prices, the real estate market in Alberta continues to take a hit. Lower inventory, weak activity, job layoffs and a lax oil market haven't done the market any good and things aren't likely to change drastically over the next while, according to analysts.
A chief economist with the Calgary Real Estate Board (CREB) says the market could see slower sales even with new listings. But some vendors are even deciding to take their homes off the market in light of current conditions. Many realtors are now offering deferred listing options rather than having a vendor break a listing contract.
Many realtors are utilizing online tools to show homes and luckily deals are continuing to be made. Open houses, however, have come to a screeching halt around the province and there is no sign they will continue in the early future. The safety of both buyers and sellers are being taken into consideration, according to the Real Estate Council of Alberta (RECA).
An Alberta lawyer may be able to help a client who is thinking about buyer or selling real estate in an uncertain market. He or she can also advise a client who is thinking about breaking a contractual obligation and what the ramifications of doing so might be. No matter what is taking place globally, people will always be buying and selling properties and an experienced lawyer is typically at the center of any transaction involving the transfer of property from one owner to another.