If I may say so myself, I was right about my predictions in my last post.
The supply decreased big-time in Don Mills, the demand increased, multiple offer approaches started working and prices started to go up. What a drastic change overnight in the market and the prices in Don Mills in the midst of Coronavirus, concerns about the global economy and talk about possible recession. Go figure.
Homes are getting way better prices than they did last year. Actually even better than they did this January. Some houses that were for sale for almost a year at prices considered high last December sold recently for full price.
As of today I have not seen similar movements for houses for sale over $3 million in Don Mills. It just could start happening very soon.
Great for sellers and not so for buyers. But buyers need not fret. As I mentioned in my last post, Don Mills is a superb community-feel neighbourhood to work and live in and it keeps getting better in every way. Thus buying in Don Mills will always be a sound investment.
Stocks plummeted. Fear and paranoia about the Coronavirus has set in, mega corporations are looking for ways to profit from it, their friends the politicians, as always, are not being totally truthful about the virus and people are starting to stock food and other items, just in case. Already there is a shortage of certain products. The global economy is hurting big time which sadly makes recession this year even more possible.
Is this shortage of supply and increase in prices just a blip? An aberration? Something that was long overdue for our local market? Time will tell. At present my biggest concern is about the spread and fear and paranoia about the virus. If it continues to spread and grow the way it has, it is bound to have a negative impact on everything and everyone.
In the short time that the virus has been around, the world economy has started shaking badly. It goes to show how volatile, sensitive and weak the global economy is. That is darn scary.
On a positive note, (I am writing this on March 10th), by the time you read it, the virus may have stopped spreading as it seems to have in China (so they claim), things will have calmed down and all could be back to normal. Except for Trump, of course (Let’s not push our luck!).
Back to our local residential market – this is a good time to sell, especially for those on the fence. But first, please make sure that you have a place to move to or are confident about being able to find/buy/rent what you want. The last thing I want for my clients is for them to be stuck with no home after selling first or to be stuck with two homes after buying first. Therefore the timing and strategy of buying and selling becomes crucial. That is also where my decades of experience and expertise in Don Mills comes in handy.
With all the goings on in the world, I strongly suggest that when you sell, get as fat a deposit as you can, just in case the market suddenly takes a bad turn. It’s better to hope for the best and prepare for the worst. The general rule of thumb is 5% deposit from the buyers when selling. When I represent my sellers, I do not like to follow that rule because the bigger the deposit I can get, the better it is for my clients (the sellers). If I can get away with a 10% deposit, I definitely will.
There are many, many things to consider when selling, many things to know, many things to be cautious about. If you are considering selling in the near future, I will be happy to meet you for a confidential chat and share with you my decades worth of information, combined with the knowledge of and expertise in your neighbourhood.
No charge. No obligation. No B.S.
Broker of Record / Owner