The banks have lowered their 5 year lending rate to well below 3% which for many people is lower than what they can get a line of credit for!
This lowering of the rates, coupled with fewer homes for sale means that homes are being sold over asking. Now take that statement with a grain of salt. Agents in general are underpricing the homes to attract multiple offers but even still, homes are being sold for a higher than what many expect.
This can be tricky for agents who are selling as you want to find the sweet spot. High enough to eliminate unrealistic buyers but not so high you don't generate enough competition to push the boundaries on price. Here's a great example. Two similar homes a few blocks from each other...one listed for $699,000 and sold for $775,000. This home is a knock-down and located on a busy street with no new builds. Two weeks later another knock-down home on a better street (quieter and with a number of new builds) listed for $717,000 and sold for $780,000. This home should have generated a higher price but they failed to find the sweet spot.
You need a savvy agent to maximize your sales price, there's no reason to leave anything behind! For a no obligation review of what you could expect to sell your home for just call or email me today. I can be reached at 416-998-8853 or Robert.Atkinson@Century21.ca