It's A Great Time To Sell!
Why is it a great time to sell?
The reason for this is because the prices are looking like they will come down once the new mortgage rules come in January 1, 2018.
Home prices will potentially go down by 15% meaning someone that has been pre-approved to purchase a home at $800,000 would now be in the $600,000 range.
The reason for the decrease in prices will be because instead of being qualified at 4.89% which is what the lenders are doing now, everyone will be qualified at 6.89%.
Regardless of what interest rate you actually get, for example, 3%, you will have to be able to carry it at 6.89%.
Selling your home now will result in selling for more money. You can have a longer closing such as 90 to 120 days and this would allow you to sell in the higher market and purchase in a lower market when prices of homes will come down.
With less buyers right now, because of the implementation on April 21st of the foreign buyers tax and two interest rate hike increases, means that when you list your property you have to be the best priced home in your price range.
By pricing sharp it means that you will sell quicker for closer to list price. A seller could do better selling now than in our hot 2017 spring market by selling NOW!
*Please note, this blog is not intended to solicit those home buyers or home sellers that are under a current agency agreement.