March 2021 was a month of firsts! But quite a mixed bag and the effects of some have yet to be seen in the market:
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Median days to sell the lowest for a March since records began.
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Inventory levels continue to fall, placing pressure on the housing market, decreasing 6.1% in March 2021 from March 2020 levels – in total that is 1265 fewer properties available to the market and 8791 fewer than March 2019 [national data]
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More than 1/3 selling by auction – the highest level of auctions sales ever.
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On the local front the Median Sale Price for Franklin rose to $826,000 – up from $706,000 in March 2020, that is $120,000 in a 12 month period or a 17% increase. When compared to March 2017, that differential increases to $176,000.
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The Average days to sell were 27 days for March 2021 – down from March 2020 where the average was 41 days showing that the pace of the market is as hot as ever. People are getting themselves prepared to buy and then making the decision to buy. The key here is to be prepared with your mortgage in place and when you see the home for you acting quickly.
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The number of Homes that Sold in March 2021 were 103 which when compared to the previous year is only slightly down from the 108 this time last year.
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The extension of the Brightline test for properties bought after the 27 March 2021 increased to 10 years.
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The removal of the deductibility of the interest on mortgage payments for investment properties unless you build new.
All of this can seem daunting but Victoria has strategies to support you in getting to your goal – Talk to her about what that looks like for you and she will help you to achieve them – she is the Key to Your Next Adventure! Understanding what to do with your rental portfolio either to expand or reduce. Should I sell before I buy – buy before I sell? Victoria has the answers because she understands the market.