Are you thinking about selling in 2021? Even if you’re just considering it, there are some things you should start thinking about. The market is predicted to be even crazier than it was in 2020, even though we’re still in the midst of a global pandemic and a province-wide lock down.
In past years, the real estate market was pretty quiet in January and February. The anticipation for the Spring selling season was on everyone’s mind, as they waited for the snow to melt and the grass to grow.
But this is 2021 and things are very, very different. The winter market is actually starting to compete with the big Fall market, as buyers get impatient and sellers prepare themselves to list earlier.
What January is Telling Us About Selling in 2021
Now that the holidays are over and we’re settling in for another few months of restricted everything, clients are getting antsy.
It’s been nearly a year of COVID, and we’re hearing from many clients that they are absolutely sick of where they live. Be it in a downtown condo or even a detached house, they’re ready for a change.
Even the condo market has blasted off since the beginning of January. We were seeing signs of condo recovery in December, but January has proven the corner has been turned.
Condos are selling within days, multiple offers are being submitted and over-ask prices are being accepted. Buyers know that the low wasn’t going to last long, and they’re pouncing on everything from pre-construction sales and assignments to investor units that will be filled post-pandemic.
Listings that have been sitting are suddenly being eaten up, and new listings are getting 15-20 showings in the first couple of days on the market – and that’s just condos.
Bidding wars are back as the lack of inventory decreases. Pickering and Mississauga are seeing multiple bids, Brampton is seeing 20+ offers and bully offers are making a sudden comeback.
Home in Toronto that have been re-listed after taking a break during December for the holidays are being sold within days of re-listing.
It’s giving us a similar feeling of one that we had during the crazy 2017 market.
What’s Fueling Buyers?
Lockdowns, restrictions on travel and lack of entertainment options means that buyers have been stashing cash away for nearly an entire year. That’s a lot of savings for those who are used to spending quite a bit each year on lifestyle amenities.
Borrowing rates are at an all-time low, increasing buyer spending power. Everyone from first-time buyers to those looking to downsize have realized that now is the time to borrow money cheaply.
And again, people are ready for a change. Even if you’re thinking of making a move to a similar style/size house, perhaps you can consider your dream neighbourhood now.
Thinking of Selling in 2021?
If you’re considering making a move and selling in 2021, you should really take a day to weigh all your options and come to a decision. Right now, the market is moving fast and I predict, it will continue to do so well into the Spring market.
New travel regulations were just announced which will no doubt, make people feel even more antsy. Buyers will not be traveling to sun destinations during the March Break, so I have a feeling this is going to fuel the market even further. If you’re going to sell, move up your timeline quickly.
If you’ve had some ideas around improvements you wanted to make prior to selling, it might be wise to rethink those. Buyers right now don’t necessarily need a move-in ready perfect home. Sure, some do, but some won’t mind a little work as a project to keep busy with.
You’ll also need to consider some of the extra steps you’ll have to take in order to sell at this time. Cleaning, sanitizing, virtual tours, virtual open houses – a lot of this will be new to sellers, so work with a broker who has sold during this market and knows the ins and outs of what you and your broker can do together to protect your home.
With the lack of open houses and access buyers will have to your house or condo, you’re going to need to ensure your place is magazine-worthy when it comes to photos and visuals. Decluttering will be key, as will photography, virtual tours and marketing materials. A clean, spotless home speaks volumes and can easily put you at the top of buyers’ lists.
Working with a good Broker is critical during this type of selling season. You want to have the best timing, the best photography, the best marketing and the best team in your corner. It’s easy to flip a listing on MLS and hope for the best, but at Toronto Realty Boutique, we actively find the buyers, we don’t just wait for them to find us.
Selling, even during a hot market can be competitive, and you need to have power behind you. So if you’re thinking of selling in 2021, connect with the TRB team by filling out our form – we’ll show you how we can get you the highest price for your home, and sell it safely during what’s to be an exciting time for Toronto Real Estate.
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