Is now a good time to sell your house or condo?

Many Canadian real estate markets throughout the country are enjoying an unprecedented boom. This is undeniably a good thing if you were already planning to sell your home in one of these locations. Activities in the surrounding GTA markets will continue to do well in the first half of 2022. Some homes have only been bought during the pandemic a year ago, and those sellers are already looking to cash in on the steep gains in appreciation. Some sellers are simply looking to take advantage of the moment. While this can be a savvy move, it’s important to carefully think it through before deciding to list your home. If you are wondering whether you should buy or sell first, here are a few considerations to take into account before selling your home in today’s fast moving market.

Where Will You Move?

This is the first question to ask yourself and the answer might not be so simple. After all, in order to truly take advantage of selling your home in a booming market, you’ll need to purchase your next house elsewhere. If you already have a second home that you plan to move to full-time or have your eye on a different area seeing less demand, that can help you avoid having to buy back into a seller’s market.

Focus on Long-Term Goals

Take the time to consider how this will align with both your lifestyle and financial goals. It’s important to keep an eye on the big picture because selling right now might make it difficult to re-enter this competitive market in the future.

No Harm Testing the Market

Many sellers who are looking to take advantage of the current demand are simply testing the waters by listing their home above market price. If you’re still on the fence but are interested in selling your home for the right price, there’s no harm in feeling out the market to see what sort of offers you receive. However, if your home doesn’t sell, keep in mind that the history of the listing and how many days it sat on the market will be logged into the MLS system for future buyers to see.

Don’t Be Impulsive

It can be exciting to see what other homes in your neighborhood are currently selling for, but you shouldn’t let this cloud your judgment. Weigh all of the pros and cons, and discuss your options with your family, to ensure that listing your home now is a sound decision for all of the right reasons.

Interest rates are projected to rise steeply

Bank of Canada has already forecasted to raise the interest rate to 2% by 2023 target in order to curb inflation. If you are on a variable rate mortgage, you might want to get an opinion on whether it’s a good time to switch to fixed rate mortgage.

Contact Anne Lok to find out if this is the best time to buy or sell your home in your market area. anne@annelok.com . Check out our useful resources for sellers

Want to find out what homes are selling for in your neighbourhood? Browse listings on my website at https://mdrn.realestate .