Yes it’s a great time to sell your house… No, don’t sell now, prices are going up!
It seems every time you read an article in the media, you get a different story regarding how the real estate market is performing. The most important thing to remember when you are reading these articles is that real estate is LOCAL. Most articles provide information based upon Canada wide data, which does not reflect what concerns home buyers and sellers have about their own situation.
Some parts of the country are experiencing a decrease in prices and activity in the real estate market, whereas other areas, such as the Hamilton/Burlington area are experiencing a strong market, with stable activity and prices.
Government intervention has influenced the local markets this year. Policy changes such as the foreign buyer’s tax, and changing the mortgage rules for individuals trying to qualify for mortgages has made home buying a challenge for many. Further changes have been proposed for mortgage qualification that may affect still more buyers.
If regulations remove buyers from the market, it will have a levelling affect on home prices, as buyers leave the market. Also, as interest rates rise, the number of qualified buyers looking for homes will also decrease.
As for prices going up, I think most are in agreement that prices are levelling off, and competition for home purchases is happening far less frequently than it did earlier this year.
If you are planning to move, now is a good time to place your home on the market. The Fall is traditionally a strong market, lasting through to late November. The most buyers will be in the market prior to any further government intervention, and prior to any further mortgage rate increases.
Be sure to consult with a real estate professional prior to placing your home for sale. They can provide you with valuable information to help you receive the most money for your home, in the shortest time, and with the least hassle.
Our professionals as Coldwell Banker Community Professionals are always ready, and very able to help you out. Call one today!