You may have decided to sell your home years ago or you have decided to put your home on the market now. For whatever reason, the real estate market has obviously changed with the hiking mortgage interest rates, Mortgage stress test and foreign buyer land transfer tax. While every situation is different, and reasons for thinking about selling vary from person to person we believe that now is the ideal time to put your house on the market.
Elite3 Team gives 5 reasons to consider selling this time:
1.The listings terminated and expired at the end of 2017 will be soon added to the current market.
2. New Homes Compete for Buyers: In 2018, many new home developments will be completed. Buyers will soon have more attractive options and incentives. We all know how nice a NEW home looks!
3. The era of historically low mortgage rates has come to an end. A one-point rise in the rate could easily knock many buyers out of the market.
4. Tougher Lending Guidelines: Buyers are having a more difficult time qualifying due to stricter guidelines and documentation requirements. Lending has always been at the heart of real estate transactions. Without loans, real estate sales will suffer.
5. Political Issues Increase Housing Market Uncertainty: Markets will remain vulnerable due to affordability issues and the lingering uncertainty associated with the provincial election in 2018.
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