We’ve just concluded the first quarter in Winnipeg and it’s that time of the year when the real estate market begins to show us its intentions for the remaining months ahead.
While typical real estate news may not always apply to those of you in search of our unique service, there are some interesting trends that suggest it may be time to hop off of the fence and sell your problem home as soon as possible. Whether your motivations are from debt, disrepair, or a pain in the rear inheritance, you will want to read ahead.
3 Trends That Show Now is the Time to Sell Your Problem Property in Winnipeg MB
1. Aggregate Housing Prices Coming Off of a Q1 High
The aggregate price of Winnipeg real estate saw a significant boost in the first quarter of 2018. It rose by 5.1 percent (year-over-year) edging ever so closely to the $300,000 mark. This is causing homeowners and investors who were prospective sellers to become literal sellers, placing their properties on the market in the hopes of getting top dollar before the trend mellows in Q2, Q3, or Q4.
Once supply gets closer to meeting demand, the prices will come back down. Those in possession of a problematic property (poor condition, etc.) will have a harder time unloading the property. But by acting today, we can give you top market value dollar for your house as we too are a product of these market trends. This is an opportunity cost you cannot miss out on. Keep reading.
2. New Construction Rose and Will Rise Again
New construction homes grew significantly in 2017 and the trend shows no sign of slowing down. As of today (April 13, 2018), there are nearly 60 new developments under construction, including 20 condo developments, 2 apartment developments, 4 townhouse developments and 31 single family home developments. When you consider the unit count of the condo and townhouse developments, you can draw conclusions about yet another influx of supply in the Winnipeg real estate market. Once again, you add another piece of the puzzle that can bring prices down and add more problems to your home value concerns. The time to sell is now. But there’s more.
3. The Impact of Property Tax Hikes and the Uncertain Impact Fee
You’ve already felt the brunt of the property tax hikes dedicated to past road renewals, and those with a problem home already fear more to come with new transit development on the way. Then there’s the rumblings over this impact fee. The Impact Fee Bylaw (passed in late 2016) states that the “tax” is to be phased-in over a period of three years. During the initial phase, the impact fee was to only apply to new residential developments in new and emerging communities. That was then. But now, reports are coming in that existing homeowners are being wrongfully hit with this new tax (running into the thousands) showing that something is amiss with this misdirected fee. One only needs to look at the wording of the initial bylaw, which states “During the initial phase”, something that tells us the initial phase could now be over, and that the impact fee may start impacting those in longstanding communities. If you own a problem home, don’t wait to find out – sell, and sell fast.
5 Day Cash Offer will take your problem house off of your hands, for top market value, within the week. All you need to do, is contact us today.