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Today I have a Toronto real estate market update for you. A lot of people want to know how the market is performing as we are heading into the busy buying and selling season this spring and summer.
So, what have we seen and what can you expect?
Interest rates are right around 2.5%, so these are phenomenal rates and that’s why we have so many buyers out actively looking for homes to purchase. Buyers have an opportunity to save thousands and thousands of dollars in interest payments over the lifetime of their loans. A lot of the buyers we’re seeing right now are very serious, too. They wouldn’t come out and look at homes in the cold for nothing!
On the flip side, sellers have a great opportunity because inventory is so low right now. Homes are selling quickly and they often have multiple offers on them. Your home will have very little competition, so you have a great chance to sell quickly and for top dollar. Our days on market was only 18 days in February, and just yesterday we sold two listings.
The catch here is that you need to list your home ASAP before other sellers get their homes on the market. At this point you’ll have more competition and you won’t sell as quick or for as much money as you currently can.
If you need assistance with anything real-estate related, please contact us!
