Signs That It’s a Good Time to Sell Your Home
When it comes to deciding if now is the best time to sell your home, that involves several factors, but mostly, it comes down to a combination of personal and economic conditions.
That said, Toronto is experiencing a highly unique real estate environment. As a result, many sellers have been holding back from entering the market, hoping to wait for the peak. But as the warmer months quickly creep up on us, sellers really should get ready to move, and quickly. There has never been a better time to sell your property than right now, and there is no guarantee of how long these conditions will last.
The long-threatened interest rates are finally upon us.
It finally happened. After what has felt like years of waiting and wondering, the US Federal Reserve finally announced that they will be raising their interest rates (and raising them significantly). Subsequently, the Bank of Canada announced that we should expect our interest rates to follow suit.
If you're a seller looking to re-enter the housing market with a mortgage, this will matter to you. Of course, you want to get the lowest rate possible on your next purchase. And the higher interest rates jump, the lower loan amount you're going to be able to qualify for.
This also applies to buyers. Buyers will begin to get priced out of the price bracket they were in previously simply because they no longer qualify for the payments at the new interest rate.
The spring & summer markets will see more stock hit the selling market.
It's no secret that as the weather warms up, more sellers choose to list their homes. The traditional high selling season runs from mid-spring through summer and often drags into fall. But the first couple of months of spring will see a large inventory of homes gets dumped on the market.
Do you know what this means? More competition. And the more competition in the market, the more the buyer pool becomes diluted. So get ahead of the rush and start preparing your property for sale now. Even being a week early can make a world of difference in our current market.
It's still a seller's market.
Today's sellers still have the upper hand by far. But as the economy starts to shift, buyer sentiment will react. We expect to see a disruption to consumer confidence in the coming months as they adjust to and prepare for interest rate changes and volatility in the stock market.
You may be thinking to yourself, what does the stock market have to do with my home? When buyers don't have confidence in economic conditions, they become more reserved with their spending. When this happens in masses, sale prices start to fall.
There are more buying opportunities than you think.
Selling off-market has become increasingly popular. It allows homeowners to maintain more control of the selling process and limits how many parties tour their property. If you're worried about finding the right new home for you after selling your current home, work with an agent like the Suzy Goldstein Team, who has an extensive network of off-market listings.
Selling your home off-market could also be the ideal option. If you're not ready to open the doors to an onslaught of buyers, an off-market listing is a perfect alternative. Get in touch with a member of the Suzy Goldstein Team for more information about selling conditions and to explore listing your property off-market.