in the new market (since interest rates went up) what should you do if you already own a home & want to move??
It really depends on what youre selling & where you're selling. That's always been the case but it's especially true now. In the city, I see over ask sales primarily for homes under $1million & for homes that sold in March. In suburbs like Burnaby, I'm seeing over list sales for townhomes over $1million, just as an example of how types of homes & areas make a difference.
I've also heard from mortgage brokers that Buyers who bought before the interest rate increases & then listed their homes to sell, were surprised that they only received one offer. If you've bought then the pressure is on to fulfill your obligation & your ability to negotiate or wait for a better offer is limited.
If you're thinking of moving, ensure that you're getting current information from a professional & experienced realtor who can advise you as to what's happening in your neighbourhood, what the risks might be with both choices, & what makes the most sense for you. Get informed to make the right decisions for you!
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