Why 2021 is the Right Time to Sell your Home04 May 2021
Is 2021 a good time to sell your house?
Buyer demand has increased due to record low mortgage rates. That said, because of those low mortgage rates, and fewer houses on the market, home prices went up. To put it simply, 2020 and now 2021 are a seller’s market.
Interest rates are low
Low-interest rates are great for potential buyers. They make monthly mortgages more affordable! Why is this a good thing for sellers? While interest rates are expected to remain steady in 2021, there will still be a low supply of houses on the market. This means home prices will rise and sellers will walk away with a good chunk of change.
You live in a hot neighbourhood
In recent months, some parts of Montreal have experienced huge booms in home prices. For example in 2020, the average home price in Outremont and Westmount was $1.952,000 and $1.980.000, respectively - an increase of 25% year over year while the average price of a condo in Outremont went for $798,000, an increase of 19%.
If you live in an area where home prices are skyrocketing, it might be a good time to sell your home.
Prices are at Historically High Levels
If you’re a homeowner, perhaps this is a good time to cash in and take some profits off the table. If you’re a potential buyer, it may be wise to look at other areas that may still be considered up and coming or until the market settles.
Ultimately, the decision whether or not to sell your house is a personal one and depends on many factors. As professional realtors in the business for over 20 years, we can state that from a purely market standpoint, this is the best time to sell and take advantage of a red hot housing market!