1. Is the Real Estate Market in your Favour?
General Real Estate Market:
According to the CREA, “the number of newly listed properties dropped by 13.3% from December 2020 to January 2021”.
2020 was certainly a seller’s market, and it is predicted that 2021 will likely continue to be so. Check out this article from Housingwire.com, It offers more insight into the predicted real estate market of 2021.
Local Real Estate Market:
Although the general real estate market favors the seller, you need to consider the statistics for condos in your local area. According to kwrealestatenews.com, “The average sale price [in January] for an apartment-style condominium [in Kitchener-Waterloo] was $383,196 for a decrease of 1.4%.
Although that may not seem like a significant decrease, you may want to wait until there is an increase in condo sale prices. Keep in mind that, if the inventory of condos in your area is low and the demand is high, then sellers have the advantage and can set their condo at a higher price.
Furthermore, although spring is usually a good season to put your condo up for sale, check with local real estate agents to find out what month is likely to attract the most buyers and bring you the most profit.