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Well, We did it!! We sold our Condo! Selling our home in a pandemic was not easy. But I think it was the right decision for us at the time.
Why did we decide to sell?
1. Mortgage was coming up for renewal, seemed like a good time to try.
2. We are in a high cost of living city and if it goes higher than it is now, in the next few years we wouldn’t be able to afford a move if we wanted to
3. Current condo was bought by hubby before our marriage and is a bit small/lacks sufficient storage for two.
4. We were planning on trying for a baby, and would need more space.
What was the experience like?
1. Seemed to be less buyers and visits due to pandemic
2. Condo market is flooded with units because of pandemic related issues, so prices of condos are going down.
3. Buyers assuming desperation and future market further downward trend factoring into more lowball offers.
We finalized our sale and we close in March!
Now we are on the other side looking for our next home. Which is a whole other ball game. The market is crazy, there are bidding wars at every turn. Houses are being sold for hundreds of thousands over asking. For freehold home and townhouses, its definitely a sellers market. Take a look on Realtor.ca to see what the market is like in your city.
Have you recently bought or sold your primary residence? What was your experience like?
For more content like this, head to the Finance and Investing Section of the blog.