2021 Etobicoke Real Estate Market Changes: Advice to Buyers and Sellers

2020 had many surprises for us in all aspects of our lives and real estate was no exception. It has meant that we’ve had to pivot and rethink how we most effectively sell real estate, where the opportunities are and how we best support our clients.

Here are the top seven themes that have changed the Etobicoke real estate market landscape and how you can benefit from these changes.

Mortgage rates are at an all-time low

Not many would have dared to imagine a day where you could get a sub-one per cent mortgage rate. The low rates make it a great time for first-time buyers to enter the market and a good opportunity for families to upgrade to their forever homes. No one knows how long these rates will last, but we do know that they won’t be around forever.

Prices of Etobicoke detached homes have increased over the last year

This is great news if you plan to sell and move into a less expensive market. This doesn’t mean that you can price your home at any price you want, regardless of what it’s worth. Pricing your home strategically for the current market will ensure you get a top price for your home.

The buying process has changed

With open houses being restricted in Toronto for the foreseeable future, buyers are now doing more of their research online before they decide to preview a home. The market anywhere in GTA and in any recreational area, in reality, close proximity to the GTA is extremely competitive. Here’s what we know:

• You will be in heavy competition on almost everything.
• You won’t be able to include conditions in your offer if you want to be the winning bid.
• You will pay aa record price to get the home you want. By the time you get the keys, it’s likely that it will be worth more.
• It’s unlikely to stop any time soon.
• You’ll need to be proactive and see homes quickly or they will be gone.

Staging your home is now necessary

There was a time (not that long ago) when professional home staging was a nice-to-have – a way to increase how much money you could sell your home for. These days, staging often makes the difference between getting an offer and selling your home vs. having it sit on the Etobicoke Real Estate Market for many months.

Buyers priorities have changed

During the pandemic, we’ve witnessed a huge shift in what people value in a home and your staging needs to reflect that. You need to showcase a work-from-home space. Backyards and patio spaces need to be staged too – buyers need to see themselves hosting a small group of friends for drinks instead of hitting up a local neighbourhood patio.

3D virtual tours & professional photography

A 3D tour allows a buyer to walk through your home from the comfort of theirs. It’s the most realistic representation of what your home really looks and feels Serious buyers want to preview a 3D virtual tour before they do an in-person visit of your property. Professional photography has always been important. With more buyers beginning their shopping online, it’s even more crucial.

The best time to sell your home has changed

Many realtors say the best time to sell is in the spring or the fall. But that formula changed in 2020. Some of the traditionally slow months were the busiest. February and June-August were very high-selling months. Real estate is no longer falling the traditional seasonality. The best time to sell your home is when it makes sense for you and your family to move.