As we welcome in a new decade and new opportunities, it is important to reflect on what the housing market may offer in the coming months. If you are a home buyer, you have a limited supply of homes from which to choose, and although prices have not begun to move higher to any large degree, asking prices have remained firm and houses are selling much more easily than in many of the previous months. With continued high demand and limited inventory, it makes sense to take advantage of continued low interest rates and favourable market conditions and purchase your next home now.
If you are a home seller, now is a great time to take advantage of limited inventory (homes on the market) and consider putting your house on the market sooner than later. The spring market starts now, believe it or not, and you should be positioning yourself as one of the homes for sale in this tight supply market and take advantage of the many buyers looking to snap up a well priced attractive home. This is not likely anything like 2016 or 2017 (thank goodness) but the reduced supply of homes bodes very well for home sellers. Hire a professional, take the professional advice offered to you, and put that home on the market.
In a nutshell, home buyers should try and find a property now while prices are still reasonable and mortgage rates are very low (5 year fixed around 3% is amazing) and home buyers should be jumping on board before everyone else realizes there is a serious supply shortage even in York Region.