Looking back at where we were last year at this time, it's safe to say 2020 was a year of unpredictability. That statement strongly applies to many aspects of the last but also to the real estate market in Toronto. By the end of the year we saw minimal availability across the GTA and beyond, due to renters making the move to purchase homes and other homeowners making the move to a house that better accommodates their new work-from-home routine. 2020 can quickly and accurately be summed up as a seller’s market. So, as we enter 2021, the
question is, will the trend continue?
In short, spring 2021 looks as it will continue to be a seller’s market. The reality of minimal supply with high demand and a continued increase in prices (often resulting in bidding wars and a heightened number of offers) means that as a seller, the scale is definitely tipped in your favour. Prospective buyers are taking steps to improve their overall quality of life. The apartment in downtown Toronto that was close to their office, may no longer accommodate the couple that is working from home. Therefore, they’re exploring what a home in the York, Peel, Halton, or Niagara Regions might look like for them. The goal is a home that accommodates the professional needs of both individuals, but also their family goals in the future. But what does the journey look like for you, the seller? Especially in a time when there is a sizable supply shortage.
You have the home this couple is looking for. The ideal number of bedrooms, the space to accommodate an additional office, greenspace for the children they hope to have one day, and all in the neighbourhood they’ve had their eye on for months. The thing is, there are three dozen couples just like them who all have their eye on your home. It’s the only one available in the neighbourhood, thanks to the up to 40% drop in listings. Next thing you know, you’re fielding offers that have already exceeded your asking price by 10%. Low interest rates, high demand, evolving changes related to COVID-19, all lead us to believe that the market will remain in favour of the seller through Spring, 2021.
If you’re considering selling your home, now is the time to start making your moves. The scales are tipped in your favour and we’re here to walk you through the process. Get in touch with us today via email: firstname.lastname@example.org, and we can take you through what to expect as you prepare to list your home in 2021.