Is now a good time to sell my house in Ottawa Canada before the real estate market takes a hit in the wake of this Corona Virus

Is now a good time to sell my house in Ottawa Canada before the real estate market takes a hit in the wake of this Corona Virus

No, absolutely not, and it’s kind of a ridiculous thing to think.First of all, the market has already cooled and chances are nobody will buy it for what it could have sold for 6 months ago.Secondly, this is not a market event that will prevail.

This is not a sustained disruption to demand, or a sustained boon to supply.This is just…people aren’t leaving the house so nobody is going to be buying real estate, so those that are forced to sell will have to accept a lower price than they would otherwise.If anything, now is a great time to buy ANOTHER house and start renting it out.

You don’t sell an asset when the value goes down, you sell the asset when the value is way up, and you buy assets when the value goes down.If you sell, you will be making an absurd mistake.Lastly, if you don’t need to move, why do you care what happens to property value?

Literally every single real estate bubble recovers by at least 70% of losses in the first year after a burst bubble or a significant market downturn.Stop thinking that real estate is some short term market where you can micromanage market gains and losses.Real estate is not $10k worth of stock, and it doesn’t follow the some volatility patterns of liquid assets subject to daily market influence.

Don’t sell your house.Real estate has always been good in the long run.