09 Mar Should you sell your house in March?
March usually isn’t a great time to list your house for sale. The weather is unpredictable, the kids are out of school for March Break and Easter comes into play. Although, this March the lack of inventory and an excess of buyers are driving bidding wars in every segment of the market. Now may be great time to catch a rising market before a potential windfall of new inventory in April. Or is that just what agents who want to sell your house want you to believe?
The average price of a home in the GTA is up 4.2 percent month over month. Looking forward, I expect March to be more competitive with an even stronger rate of appreciation.
We are in a market that is rebounding faster then expected and this Spring is lining up to be a hot market. I don’t expect this momentum to change going into April and therefore don’t see any rush to sell your home.
The best advice is making a sensible decision free of emotion after executing a buying or selling strategy. A month ago I mentioned a good strategy for buyers would be to wait until spring. The logic being inventory will be at its highest, plus higher interest rates and the new mortgage regulations will be fully baked in. I continue to believe the market will be more balanced later in the year, but be aware that the seller’s market is making a comeback. Stay tuned.
-Nick, March 9/2018
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