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October 9, 2020
Since January of this year the real estate market has been on a roller coaster ride.
I would like to repeat the words of someone that wisely said “the world’s direction today depends not on the economic trends but on the behaviour of a new and still poorly understood virus”. That still holds true.
From almost a complete standstill during the lockdown, we went to multiple offers across Toronto. Many homes asking less than $1 million in many areas and even some that were asking close to $2 million landed up with multiple offers; but not too many over that range.
In the Banbury/Don Mills neighbourhood, homes asking over $4 million have finally, slowly but surely, started to sell.
Though we all hope that the market stays brisk, (specially the seller’s), the madness could stop or slow down big time overnight. Again, it all depends on how nasty the virus gets. How high the numbers go.
Many believe that regardless of whether there is a spike or not in the virus, prices will start to drop by the end of the year. Though there is no crystal ball, I fear that, too. That is why I have suggested before, and still do, that people that are on the fence about selling should take advantage of the present market and sell. Unless, of course, they can comfortably stay where they are for the next 3 to 5 years, because we don’t know how long it will take for the present market to make a comeback.
Some of the people selling now are opting to rent instead of buying and are watching the market.
Public open houses – to do or not to do? To be honest, I am against it for safety reasons and also because, in this climate, the traffic is much slower. Thus, I don’t think that it’s worth taking a risk, unless of course, the house is vacant. A very small handful of homeowners still prefer having public open houses. In such cases, we oblige.
I hope that you, your entire family, neighbours and friends are keeping safe and taking care.
Please feel free to contact me anytime for a confidential chat about the present value of your home, the present market condition, and what to do and not to do, before putting your house up for sale.
Even after being in the business of assisting/guiding people in buying and selling their homes for over 30 years, I still love what I do and am always ready and willing to talk real estate. No obligations. No charge.
Broker of Record / Owner
Ecko Jay Realty Ltd