Buyers of all sorts will appreciate some excellent rates, as well as an increase in listings giving a lot of choice. But, there are two markets where a buyer may feel the pressure of a market that’s stabilizing: Condos and Townhouses. Condos sales were red hot this time last year, and while it has cooled there is still lots of activity with a 70% sell/list ratio. The townhouse market is slightly more competitive, meaning you’ll want to be getting very current listing information if you plan to purchase soon. Viewing both of these types of properties before their first open house is a great way to create some breathing space for your decisions, and it will also allow us to track their activity so we don’t miss out.
When to sell? This is still a good time for entry level homes, condos, and townhouses. These markets are seeing an average of 98-99% of their listed price within 40 days. Condos and townhouses are thriving as more purchasers are seeking these as alternatives to detached entry level homes. The HPI has seen some softening in the average home price, but homes for under $700k it’s a thriving market. In all of these markets expect some busy open houses, and lots of negotiating. If you have a luxury home or waterfront property, and can wait, then the Spring may be a better timing to see your full value. If you’re ever in doubt on timing, feel free to reach out and we’ll make a plan!