Sell House for Higher Price When I first wrote this…
Should I Sell My House to Avoid the Coming Market Crash?
Timing is everything. Buy low, sell high and right now, the housing market is high. But the question a lot of homeowners are asking is “When will the real estate market crash?”
The Toronto housing market does have all the earmarks of a soon to crash market. And we know from viewing the historic charts that Toronto doesn’t recover well from these events. After the big crash or burst bubble event, housing prices stayed low.
Yet, today’s market is fed by International money — buyers from China, Russia, and the Middle East. And they can’t buy in the US because of wicked prices there. So they’re coming here where their kids can get a first rate education and get citizenship in Canada. They definitely see a home as an investment and their money will continue to fuel the Toronto market.
So the “should I sell my home question” doesn’t have a certain answer, but the time is coming soon. The Toronto real estate market crash could happen late this year or may not happen for several years yet.
We’ve all been expecting a Toronto market collapse for some time now, but it just hasn’t happened. We haven’t been finding and examining the real underlying factors.
Looking at the price charts alone isn’t sufficient. First we’ve just come away from the worst financial and housing recession ever in the US, and now the US is getting its financial act together. That fuels strength for a long time.
Why Wait for the Last Minute to Sell?
Quite a few homeowners are selling already and choosing to rent. Yet, finding a rental in the GTA for a decent price is very difficult. There is a rental crisis going on right now too. If you can find a rental, it’s a good time to sell your home.
The more sensible choice is to sell and move to parts of Florida, Costa Rica, Belize, Panama, or even Nicaragua. The cost of living is way less and you can get a lot for your $800,000 plus investment. You can rent an apartment in the Dominican Republic for $1000 month and live very well too. The health benefits of moving are something to consider.
Should you sell your home because your neighborhood isn’t what it used to be? All neighborhoods deteriorate over time.
Should you sell to move closer to your kids? Prices are really low across Canada.
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