Home selling in a pandemic
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ToggleWell, 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.
5. We had a budget and savings ready to facilitate an upgrade.
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.
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Read MoreAbout The Author
Jessica Morgan
Jessica Morgan is the founder and CEO of Canadianbudget.ca. She is passionate about personal finance and helping Canadians improve their financial literacy by providing more Canadian focused financial content. A millennial mom of one, she has a burning obsession with all things personal finance.
Jessica has a BA in East Asian Studies from York University and a Masters in Business Administration from Toronto Metropolitan University. She is a career public sector employee with a Hybrid Pension, and an advocate for Canadian women to improve their personal finance knowledge.