Spring is upon us and with the warmer weather comes the busy real estate season. Home owners try to sell their house to the right buyer. Money usually talks, but it is nice when as a home owner you feel you have found a buyer who’s family will have what you had, a HOME. There is a lot for buyers and sellers to digest when preparing for this. Having a realtor on your side provides you with experience, knowledge and someone who is plugged in to your local area market. In this final part of information for people buying a house we focus on those buyers who already own a home.
Sell your current home
Not very many people can hold onto two homes at the same time, so you’ll probably need to sell the one you have now. Here’s a quick overview.
When should you sell?
- Buyer’s and seller’s markets explained
When there are lots of people looking for homes but not many for sale, it’s called a ‘seller’s market’. When there are lots of homes for sale and not many people buying them, it’s called a ‘buyer’s market’.
- Wait for the market to improve?
If you’re selling one home and buying another, 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.
- Seasonality. Do home sales get frostbite?
It’s true. Winter sales tend to be slower, and spring sales are brisker.
- If you need to sell fast
ask a REALTOR® for help establishing a price and making your home look attractive without making you look desperate.
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”. As a buyer, you can make your offer “conditional” on the sale of your existing home, so you’re not paying for the upkeep of two homes. Or when selling, you can try to extend the “closing period” to give yourself more time to find your next home.
Sell with a REALTOR®, or go it alone?
In the same way that many people decide not to fix their own cars or do their own dental work, it’s wise to enlist a professional when selling your most valuable asset. Real estate transactions are complex, time consuming and involve a lot of legal documentation. Your REALTOR® is knowledgeable and highly motivated to help you get the most for your home. Before flying solo, truly know what a REALTOR® can offer.
For a full recap of the 3 steps to buying a house click this link: https://www.realtor.ca/BuyerInformation.aspx