Toronto Real Estate 10/17
The sky is not, in fact, falling.
Buyer confidence is back, properties are selling and many are selling over asking and in multiple offers again. This could be influenced by buyers wanting to get ahead of looming interest rate hikes this year as well as backed up from demand from when buyers were holding off to see if the market took a dive.
With the selling season still in full swing it will be interesting to see if that momentum carries into mid-November.
Many homeowners who also put a hold on their plans are now asking when is the best time to sell? A key pattern we have seen for a number years is how well listings perform in late January and February. There are so few listings, and buyers who didn’t have success in the fall are eager to make a move – as soon as fresh homes come on the market in the new year they pounce and tend to have a stronger sale to list ratio.
To be ready for early 2018 you should be making your plans now for what you can do to your home to get the most in the meantime. We can do that for you so contact us to get the conversation started sooner than later!
As for buyers, pay attention to what is coming out in November and December. Many people listing in November are doing so because they have bought and need to get their home sold. Since listing in December is probably the least desirable month, someone selling their home may be highly motivated.
Despite the market craziness settling down, buyers should not hold off on their preparation. Those who have managed to get listings under or close to ask have been the early bird – getting out and seeing a home as soon as it’s listed or even better…before it hits the market. And they are fully prepared with their financing ducks in order and doing their homework on the home inspection.
Condos continue to appreciate at crazy rates. There are some great pre-construction projects that allow you to put a minimal amount down typically over the span of a couple of years – meanwhile, your investment continues to appreciate without making a mortgage payment until you take possession. Talk to us today about opportunities in the condo market!
– The Richards Group RE/MAX Hallmark