How can I take advantage of soaring
Toronto Real Estate Area Prices
now as an Owner of a Property?
Also how can I find out “How Much Is My House Worth?”
Firstly, from a REALTOR® experience let’s get an
overview of the present Greater Toronto Real Estate Market.
From Jan 2016 onwards prices of properties suddenly started to rise.
A property which my buyer clients had purchased in Dec 2015 with closing in Feb 2016,
they now could get $50,000 – $60,000 more for that same property on the day of closing.
This amount was a dramatic rise.
It usually takes an year or two to see this much amount to increase.
Most Properties were now selling with multiple offers.
Suddenly there seemed to be a large lack of listings.
This was happening all over the Greater Toronto Area.
Properties which no one used to buy easily were now going like hot cakes.
Six months into the 2016, the trend is still continuing.
It can now be concluded presently it is a Hot Seller’s Market.
In short Seller is the King.
So now let’s analize if you are the King,
how can you take advantage of this sky rocketing real estate market.
Option 1: RENOVATE
With increase in Toronto Real Estate Value you now have more equity in the property.
You can choose to renovate as you can now easily take out some equity from the property.
Interesting read, what if I have a Divorce Home!
Option 2: SALE WITH LEASE-BACK OPTION
This one is interesting.
You can take advantage of the higher prices that you will get in today’s market and
try to sell it to the buyer/investor who will let you live in the property for few years.
Once the market goes down, you can purchase another property.
Read more about 11 High Cost Inspection Traps before listing your property.
Option 3: OUTRIGHT SALE
This is no brainer. Just Sell For More, take a rental for a few years till it becomes a buyer’s market.
You can also opt to buy in suburbs or outside GTA where the prices are still reasonable.
You may choose to rent out the suburb property if it’s too far to commute.
Must read – 27 Quick and Easy Fix Ups to sell your home for top dollars.
Bottom line is take advantage and avoid these Seller’s Mistakes.
This amount of rise generally takes years which you are getting right away.
The government will intervene and the prices will settle.
Take a look at Calgary, it was doing great a few years ago.
They are already starting to take measures in Vancouver and
will have to address this crazy Toronto-Area soaring prices.