Should I Sell My Cottage Now?
Currently, we’re in a market that is based on supply and demand microeconomics. According to Wikipedia, this model states simply that in a competitive market, the price for a particular good will vary until it settles at a point where the quantity demanded will equal the quantity supplied resulting in an economic equilibrium for price and quantity.
Stating this simply, we are currently in a market where the inventory (the number of cottages on the market for sale) is lower than the demand (buyers wanting to buy a cottage). Which means, when it comes to selling your cottage – Now is the time!
This COVID market is unprecedented
The pandemic has had an enormous effect on the Muskoka cottage market. The wave of buyers leaving the urban market to relocate to Muskoka/Lake of Bays is unequalled. Interest in all types of waterfront has skyrocketed. Cottages, condos, fractional ownership all are attractive and desired by the wave of buyers wanting to find a spot. Buyers suffering COVID anxiety are anxious to buy. Baby boomers wishing to retire from the urban environment are joined by those who can now work remotely from their Muskoka home office. They are also joined by those who have just decided that Muskoka is the spot where they want to be to raise and make memories with their family.
No Time Like the Present
Knowing that the supply of cottages is low and the demand from cottage buyers is high, all factors point to listing your cottage NOW.