We’re at the midpoint of the autumn season and nearing the end of the fiscal year which means it’s time for another look at the current state of affairs in the Winnipeg real estate market. In doing so, we can help some of you make firm decisions about how to best move forward when it comes to ownership of an older home in the region. It’s been an eventful third to fourth quarter transition, so let’s find out what you need to know.
More Winnipeg Real Estate News Updates Indicating It’s Time to Sell Your Old Home
Supply Exceeding Demand and Driving Down Prices
Earlier in the year, 5 Day Cash Offer reported on how new residential construction would inflate supply to the point that it would exceed demand and drive down supply. The implications were clear – sell your old home.
While economic growth in Winnipeg is sustainable and strong, over-enthusiasm has contributed to a wave of new residential developments that the population cannot fill. The Canada Mortgage and Housing Corporation admits that this has exposed a vulnerability in Winnipeg housing market, especially over recent months. Prior overbuilding and overvaluation is now driving down the current price of residential real estate, and it will take awhile for this to balance out as new construction eases while waiting for population growth (and investor interest) to chip away at the supply. At press, Winnipeg’s housing sales are down 12 percent compared to the same month of 2017.
Because the residential surplus is full of new builds, newer home prices will become more affordable than ever before. That means the market value of older homes in need of repair will begin to drop in the year ahead. What does this mean for you? The same thing we asked of you back at the start of 2018 – sell, and sell now while the market value remains in your corner because it won’t be so for much longer. Waiting six months, a year, two years, or more won’t bear the fruit that you need to invest elsewhere.
Now is the Best Time for You to Downsize
It may go without saying that the news regarding a price drop in condos leads to another logical conclusion. Simply put, you won’t find a much better opportunity to downsize.
But unlike a corporate environment, downsizing in this context is a good thing. You remove the burdens and shackles of living in an older house that is ripe with headaches and annoyances. You’ll save money on utilities, property tax, insurance, maintenance/repair, and gain better security and access to amenities. View more on why you should consider moving from a single detached home into a condo. Condominium living isn’t the only option for downsizing, mind you. Adventurous sounds from all walks of life are adopting a minimalist lifestyle by moving into travel trailers and a sustainable trend is emerging in the modular/mobile home market where those previously burdened by older home ownership are enjoying many benefits of the transition.
Not only can you take advantage of the fact that you can still sell your old house at a reasonable market value, you can buy into a condo or other minimalist home for less than you could a year ago. The time to act, is now.
If you want to unload your inherited and/or rundown property and desire cash in hand on a market value sale, contact 5 Day Cash Offer right away to learn more.