Three key factors that make now your best chance to sell a home.

Why should you sell now? This simply might be the best chance to list your property in quite some time because of several key factors:

• Low supply. Supply is really lacking right now, especially in the $2 million to $3 million price range. The two major trends of 2021 were low supply and supply chain issues, and experts predict that both of those will continue in 2022. This is good news for sellers but bad news for buyers. Buyers might have to compete against 10 or 20 other offers like one of our clients recently had to do.
• Appreciation. We’re looking at another strong year for appreciation in 2022, but the price increases might be a little more modest. We know that rates will go up slightly this year, so we’ll probably see a lot of people jump in soon, but the market should cool off towards the second or third quarter.
• Low rates. The average rate of a 30-year fixed-rate mortgage is around 3%, but we believe that they will go up. We’re already starting to see some increases.

“When the market gets like this, you have to think on your feet and get creative.”

We had a client recently whose rate protection would have ended a week after their purchase. If we didn’t get them home in time, their mortgage would’ve gone up by $300 to $400 per month. We made an offer and closed it on time, but the seller didn’t want to move out yet. To keep the deal together, we let them stay for three weeks. 

It was a nice move for our clients because they didn’t need the property right away, and it saved them a ton of money. When the market gets like this, you have to think on your feet and get creative. I’m not one for predictions, but I think the market will keep growing this year. Hopefully, it doesn’t grow as fast as it did in 2021.

If you have any questions about these factors or real estate in general, you can always reach me at 416-322-8000 or at adam@adamparson.ca. I’d love to help you.