Here are the reasons that might just convince you to sell your house today:
- Mortgage rates are still low
You know that when mortgage rates are low, it means that you will spend less in paying for the price of the property. Lower interest rate entices buyers, which is good news for sellers like you.
This year, inventory is shrinking. What does it mean to you? Remember your lessons in Economics? When there are lesser supply and more demand, prices tend to go up. When there are many supplies but lesser demand, prices go down. So if there are fewer inventories in the market, buyers will tend to compete over the available properties even at a higher price which favors you.
- Home prices are rising
Lower inventory and greater demand will cause the home prices to rise. This will benefit sellers whose property value plunged during the recession. As the prices go up, many homeowners whose property was underwater during the recession can now sell without incurring a heavy loss.
- Job market is getting stronger
The unemployment rate is getting lower and the wages are becoming better. These two factors contribute to an increase in the number of people who are qualified to own a house. As the confidence of the workforce grows over home ownership, this is good news for the sellers as their market is becoming broader. When the workers believe that they have a better salary and they have job security, it will increase their confidence to buy ticket-items like cars and house.
A drop in the unemployment rate and better pay is good for the economy as a whole.
Selling your house today can also have some drawbacks. If you will sell your house today, you will most likely buy another one. So the advantages you have as a seller will become a disadvantage when you are the buyer.
If this is the case, you can rent for a while and buy a house when the prices dip. This scenario will be advantageous on your part if you have the perfect timing. Many experts predict that the mortgage rate next years will be as high as 6% which will not be good to buy your replacement house in Toronto real estate market. The lesson here is not to wait too long and keep updated with the latest market trend so that you will know when is the best time to buy.