3 Reasons Why Now Is The Time To Sell Your Home
Monday Jan 22nd, 2018Share
If you have been thinking about selling your home, there really is no time like the present to start putting that plan in motion. Currently, there are many compelling things happening in the real estate market that make it an ideal time for sellers.
Deciding to sell your home is a big decision. If you aren’t sure where to start, take some time to review our Seller’s Guide. Sue Heddle Homes provides high quality real estate support for Oakville, Burlington and Milton sellers and is always committed to getting you the best offer that suits your needs. If you have any questions about selling your home, please contact us.
Let’s take a closer look at the market influences that are impacting the home buying process in Ontario.
Financial Influences Sellers Need To Know About
There has been a lot of talk in the media about measures being implemented to slow down the active real estate market. While it is not possible to know with certainty what changes we will see, the next three months will absolutely be flooded with motivated home buyers as a result of the current and impending changes.
1. New Mortgage Stress Test
We’ve written before about the new mortgage changes announced in late 2017 that took effect at the start of 2018. People looking to buy a home may now only qualify for a substantially smaller mortgage. However, smart home buyers locked in their mortgages before the new ‘stress test’ rules came in to effect, which means they have 120 days into the New Year to buy a home under the old regulations.
2. Credit Unions
The new mortgage regulation currently don’t apply to credit unions because they are regulated provincially rather than federally. However, many financial experts are suspecting that this will only be the case for a limited time and that credit unions may follow suit in an effort to protect Canadians from taking on too much debt. In the short term though, analysts and mortgage brokers expect a number of Canadians to turn to these lenders for their mortgage needs, in order to avoid their buying power being limited.
3. Interest Rates
The Bank of Canada already announced an increase in mortgages rates earlier this month and experts predict more increases to the benchmark rate are expected this year. These increases have been suspected for some time, which drove prospective home buyers to lock in mortgages rates in the last quarter of 2017. But time is ticking, and those home buyers are pounding the pavement to find a home before they lose these lower rates.
The market will be busy over the next few months as all three of the influences listed above make buying a home time sensitive. What does that mean for sellers? It means if you want to list your home while the market is flooded with motivated buyers, NOW is the time.
Sell Your Home With An Experienced Real Estate Agent
Sue Heddle Homes can quickly help you get your Oakville, Burlington or Milton home on the market. Our comprehensive marketing plan for each property we list includes professional photography, a virtual home tour to entice buyers and free home staging. These tools give our clients an advantage over other listings and result in fewer days on the market and a higher selling price. Call or text (416) 906-7998 to find out more about listing your home. We’d love to help you!