Have you been sitting on the fence over whether or not to unload your Winnipeg home as fast as possible? While there are certainly common reasons to do so, recent developments have compounded the call for quick action for some homeowners stuck in a bit of a rut. Without a second to waste, let’s take a look at some news that may impact your decision.
3 News Updates That May Motivate You to Sell Your Winnipeg Home Today
1. Bank of Canada Has Raised the Key Interest Rate
You can blame Trump for this one if you like, but there is no doubt that the recent trade dispute between Canada and the U.S. has directly caused the Bank of Canada to raise the key interest rate. For those of you who still owe on your home, this may be of concern, especially of you hold a variable rate mortgage or have a mortgage renewal on the horizon. Simply put, you may have to dig deeper to cover mortgage payments, starting sooner rather than later.
There’s another consideration. This rise in the key interest rate may effectively deter first time homebuyers (with renovations on the mind) from entering the market, the very same first time buyers that would otherwise have been interested in your affordable property.
2. Housing Starts Down 38%
Recent reports have Winnipeg housing starts down by about 38%, led by slower demand in 2018. Yes, this may eventually increase property values if short supply rears its head in five years or more, but today, the Winnipeg market has been left ripe with new single detached homes built in 2017. The lower prices set to attract new buyers (especially in light of interest rate hikes) will equate a pick of the litter for those that are interested in investing, rendering your older property less valuable. If there is an offer on the table today (i.e. our service), you might want to take it.
3. Hot Neighborhoods Stealing Thunder from Other Communities
There are some trending communities at the moment in Winnipeg. For instance, if your older home is located in the mixed residential/commercial zone of South Osborne, especially on the Lord Roberts side, you may actually want to hang tight onto your property as it will likely increase in value over the next few short years. However, if your house is not receiving favorable press, and is seeing local businesses leaving the area (for neighborhoods such as South Osborne or the new Tuxedo developments) then this may very well be the call to action that you need to sell your home fast, before property values drop further.
If you would like to learn more about how we can help you sell your house quickly, you can view how it works here, or simply contact me at 204.222.0022 for a friendly noncommittal yet informative chat.