Decide When to Sell
Status report - Is it a buyer’s or a seller’s
When there are lots of people looking for homes but not many for sale,
this is called a ‘seller’s market’, because the seller
has something everybody wants. When there are more homes for sale and not
many people buying them, this is called a “buyer’s market”
because buyers have more power of choice. A REALTOR® is the best person
to consult about this.
How quickly do you need to sell your home?
In a seller’s market, top price and a fast sale can go hand-in-hand.
In a buyer’s market, more sellers are competing for your potential
buyer. If you have to sell right now, you may wish to lower your asking
price a bit to speed up the sale. REALTORS® are masters at figuring
the price-to-listing ratio and know how to attract offers without going
Seasonality - Do home sales get frostbite?
It’s true. Winter sales tend to be slower and spring sales are
more brisk. Regardless, there are always people looking to buy and seasonality
is only one of many factors to consider. If you’re also buying a
home. In this case, you don’t really have to worry about playing
the market. If you sell your existing home for a ‘low’ price,
you’re probably also buying at a low price. If you are upgrading
to a larger home, this actually works to your advantage. Imagine when your
bigger home is on the upswing. If you’re downsizing from a bigger
home to a smaller home or a condo, you need to pay a bit more attention
to the market.
Buy first or sell first? The eternal question
Many people are able to time their sale and purchase so they happen on
the same “closing date.” Buyers can make their offer “conditional’ on
the sale of their existing home, to make sure they’re not left paying
for the upkeep of two homes. When selling, you can try to extend the “closing
to give yourself more time to find your next home. REALTORS® are very
skilled at this sort of negotiation and can make your transitional life
a lot easier.
If you find your new dream home before you’ve even started to sell
your old one.
Talk to your existing mortgage lender. You may be able to arrange “Bridge
Financing.” This is when your lender (the bank) is confident your
home will sell quickly and they agree to lend you the down payment for
your new dream home.
Next Step: Find your REALTOR®