There is a lot of concern from home sellers that their homes wouldn't sell because of the pandemic, and the resulting economic recession. This couldn't be further from the truth. Hello everyone this is Jessie Banwait, for the Jesse Banwait Team here with the RE/MAX Real Estate Center. Right now it's an amazing time to sell your home. Why? Because inventory levels in South Mississauga, Lake View L5V, Mineola on Pro-credit L5G, Lorne Park L5H and Clarkson L5J are at record lows. In fact, right now, the low inventory and pent up demand from buyers has created the perfect storm for sellers to cash in and get paid the most amount of money. Yes, buyers are out in full force and making offers. In fact, the Toronto Real Estate Board just reported that in July Mississauga newly pending sales are up 13.6% in month over month. And month's inventory decreased from 1.6 months to 1.5 months. So there just isn't enough inventory in the market to support buyers' high demand.
So why are buyers in a buying frenzy? Because of low interest rates. They can afford more home right now and put less money down and their payments will be less because the interest rates are lower. In some cases, it's actually more affordable to own a home than it is to rent one, if you can find one. So what does all this mean? Well, according to the experts, as of May 14th, 2020, if you take a look at this graph right here three out of eight experts are anticipating an increase in home prices through 2023. Well, four of the eight are anticipating a decrease.
So who is right? In a recent report released by the Toronto Real Estate Board year over year, prices are up 16.8%. "Home sales, prices, and starts have effectively regained all the ground lost during the shutdown," BMO Chief Economist Douglas Porter wrote in a note to clients. Royal LePage CEO Phil Soper said that "pent-up demand" in the market has been boosted by first-time homebuyers looking for bargains during the downturn. That can really crunch the number of new listings since first time home buyers don't have a home to sell, he said, noting CREA's data showed housing inventory at a 16-year low. The association said that the number of newly listed properties climbed 49.5% from May to June. So inventory is going to be a massive factor and the lack of supply is helping prices go up.
?So it's not just a good time to sell, it's an amazing time to sell. We can give you so much more information and details if we can just meet. And don't worry, we can also meet virtually as well. So give us a call and we will be happy to help you sell your South Mississauga home, L5V, L5G, L5H, and L5J. This is Jessie Banwait here. As always be safe, stay informed, and reach out to us at any time. jessiebanwait.com To learn more and disrupt your marketing strategy