Low inventory, high demand in the Toronto Real Estate Market
Remember how the fall real estate market never quite lifted off the ground? Remember the uncertainty in the economy (especially in the U.S.), new mortgage regulations and uncertainty about rising interest rates?
If January is an indicator, it looks like the spring is going to make up for the fall Particularly in geographically limited and in demand markets like the Beach.
And this is despite the weather.
Here are the Top 5 Reasons you should sell now in the Toronto real estate market…
1. Bidding wars are already in effect even though buyers could wait for more inventory – an indication of pent up demand.
2. There was only a 1.3% decrease in sales volume compared to double digit drops in previous months. Transactions are just going to increase.
3. There has been a surge in mortgage applications reported by mortgage brokers since the holiday season.
4. The average price of a home continues to increase in January by 4.3% compared to 2012 and predictions are for 3-5% more this year.
5. Aside from the numbers, we can just FEEL the buzz happening already. The fall market just never had that feeling.
Buyers are already getting impatient for more homes to be listed – we have never spent more time approaching home owners who’s homes aren’t even on the market in an effort to find a client the home they want.
If you are thinking of selling, NOW is the time to get going…do not wait another month for the traditional spring market if you want to take advantage of this pent up demand.
To talk with us more about the Toronto Real Estate market or to book a consultation now, contact us at firstname.lastname@example.org.
The Mark Richards Team
For the full Toronto Real Estate Board Market Watch, click here.