Buying or selling a Condo in May? Here is the Current Etobicoke Real Estate Market Update
Thursday Jun 06th, 2019
The Etobicoke real estate market has been pretty inconsistent since the beginning of 2019.Homes that we speculated would pose a challenge in selling, sold like hotcakes, while those we anticipated would see in multiples, didn't sell at all! As compared to last year, some markets have witnessed a price decrease, while others have seen a more fortuitous price uptick. detached homes saw 8% more sales against 2018, while the prices of detached homes increased by 2%. While the most sought-after properties are still selling in multiples, we are increasingly seeing a wave of new buyers putting in conditional offers. Most purchase offers are back to incorporating home inspection and financing. There has been a 10% increase in Etobicoke condo prices as compared to 2018, but the number of sold condo units has maintained its uphill journey, having escalated to 16% from a year ago.
So, what does this all mean if you're thinking of selling or buying? Here are a few tips to help you get started:
Thinking of selling your home soon?
If the market seemed like it was more seller-centric at the beginning of 2019, it has become much more balanced come May. This translates into the fact that buyers are browsing with an intent to purchase but are simply procrastinating to make sure that they find the right home at the right price. If sellers aspire to close successful deals, they need to price their home right for the current market. To sell in 2019, your properties require maximum exposure to enhance their visibility to buyers and be staged to look their best to appeal to more buyers.
Are you looking to upgrade from a condo to a detached home?
If the thought has crossed your mind, now is the perfect time to act. You don't want to be sullenly sitting six months down the road, with your head in your hands, looking back thinking if only you had acted when the time was right. If you want to get the best bang for your buck, there has never been a better time to invest in an Etobicoke condo. However, today’s market fails in its limited inventory of detached condos for sale in Etobicoke, even though the number are slightly going up over the years. With more and more conditions being added to offers, it is pertinent to work with a professional agent who can raise the red flag if a troublesome condition comes up.
Are you a first-time buyer clueless where to start?-
If you are just starting your condo search in Etobicoke, the most important thing to do is to get pre-approved for your mortgage. This saves you from future disappointment by letting you know how much you can afford and what budget you need to stay in. The best time to buy is yesterday and the second best is today. What are you waiting for!
Are you deciding whether to sell or buy first?
There has been an endless debate on this topic, since this decision depends on a number of factors and no two people have the same circumstances. Both have their pros and cons, but we think that it is always better to sell first before getting your feet wet in another. This way, even if the sale takes longer than intended, you won’t feel pressured to settle for less. Not to mention, having sold your condo, you will get a better idea of what you can afford to spare for the new one. If you do buy first, you can add a condition in your offer necessitating the sale of your previous condo.