Real Estate

To sell existing house this year or later once the market stabilize?

  • Last Updated:
  • May 31st, 2020 8:49 am
[OP]
Newbie
May 29, 2020
3 posts

To sell existing house this year or later once the market stabilize?

We bought a house late last year and the closing is end of this year. We dont need to necessarily sell the existing house in order to close the new house.
Has anyone listed their house recently? I have been debating whether to list the house now and possibly not get the value it would have few months ago or rent it for a year and sell it after a year or two?
13 replies
Sr. Member
Feb 19, 2019
693 posts
688 upvotes
Stouffville ON
Canada is a big country and the real estate market is very localized, with that said if you are in the GTA or GVA you can read about the recent market sentiments here.
who-buying-who-has-bought-since-covid-2378735/

If you are looking for predictions here you will find hundreds pages of it.
coronavirus-impact-real-estate-2351524/333/#p32630605
Full Time and Full Service Realtor
Deal Addict
Nov 13, 2013
2158 posts
990 upvotes
Ottawa
Yes probably worth less than it was a few months ago.

It is impossible to predict where it will be in two years. People hate to sell houses at a loss or even below any other previous price but it doesn’t always mean prices must rebound on some timeline. If you can afford to carry both it might be a good idea but you will become a landlord and you will be doubling down on the GTA market as well.
Deal Addict
Mar 27, 2004
4092 posts
1584 upvotes
Toronto
sunny5533 wrote: We bought a house late last year and the closing is end of this year. We dont need to necessarily sell the existing house in order to close the new house.
Has anyone listed their house recently? I have been debating whether to list the house now and possibly not get the value it would have few months ago or rent it for a year and sell it after a year or two?
wheres your house?
Full-time Realtor
Newbie
May 29, 2020
11 posts
7 upvotes
I agree with all the other comments. Each community is different, and worth carrying both if you can afford to. Listings are sitting on the market longer, have limited showings, and sellers are forced to accept what they can get as the balance of power has shifted from seller to buyer. Just be careful about who you rent to in this market as a lot of people are taking advantage of the backlog at the Landlord and Tenant Board.
Toronto Realtor
[OP]
Newbie
May 29, 2020
3 posts
fogetmylogin wrote: Yes probably worth less than it was a few months ago.

It is impossible to predict where it will be in two years. People hate to sell houses at a loss or even below any other previous price but it doesn’t always mean prices must rebound on some timeline. If you can afford to carry both it might be a good idea but you will become a landlord and you will be doubling down on the GTA market as well.

Yes that is why I am leaning towards just listing it when we get a firm closing date rather then hoping market stabilizes in future.
Deal Guru
Feb 29, 2008
11416 posts
6492 upvotes
How long are you able to keep the house for? No idea what the future holds but there's a strong chance that the value goes down in 2 years. If you're OK with values now, sell now. At least you have nothing to worry about. If the price goes up so be it.....the odds are not in your favor.
Newbie
May 29, 2020
13 posts
12 upvotes
Personally I would sell. Real estate being a long term investment, no one can predict the market in the short term. Maybe it'll be up 1-2 years from now, maybe it'll be down. Will just create additional stress in your life.

If you're willing to carry it for 5-10 years, then that changes things.
Sr. Member
Jun 7, 2017
883 posts
625 upvotes
BC
Predict the future? I would pay anybody $1B if they could do that.
Jr. Member
Jun 3, 2018
176 posts
258 upvotes
I once heard that the best way to make money is to the opposite of what the masses are doing (i.e. buy when they're selling, sell when they buy). From my own experience, and only my own experience, listings are drying up. Everyone is holding off on selling. So, I'd say sell it now.

Few are listing right now. If you list for a decent price, it will sell. Hold onto and the market tumbles, you'll either be forced to sell it for less or have to hold on to it longer.
Deal Addict
Mar 27, 2004
4092 posts
1584 upvotes
Toronto
zeroxmarquis wrote: I once heard that the best way to make money is to the opposite of what the masses are doing (i.e. buy when they're selling, sell when they buy). From my own experience, and only my own experience, listings are drying up. Everyone is holding off on selling. So, I'd say sell it now.

Few are listing right now. If you list for a decent price, it will sell. Hold onto and the market tumbles, you'll either be forced to sell it for less or have to hold on to it longer.
you are probably referring to what Warren Buffett said. something along the lines of

be fearful when everyone else is greedy. be greedy when everyone else is fearful.
Full-time Realtor
Deal Addict
Jan 15, 2017
3202 posts
2571 upvotes
Selling it later could be a long time down the road. No one knows if and how the real estate market may improve. We may be living with the pandemic for quite some time as there may never be an effective vaccine found. Keep in mind also that for some landlords, renting and tenants have become a night mare as tenants stop paying. There is significant risk becoming a landlord in this environment.

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