Sales
commissions must be paid as defined by your listing agreement.
Buy
or sell first?
That's tricky. After all, if you
find a purchaser for your existing home, before you've found a new
one, you may find yourself living out of a suitcase if convenient
closing dates can not be negotiated. On the other hand, if you find
your dream home before you've unloaded your old one, you may be
faced with carrying two mortgages for a time.
So how do you manage? Easy. Do your homework and have a good idea
about the neighbourhood and type of home you're looking for. Do
an honest evaluation of your family's needs and budget.
As your RE/MAX agent I can start
your new home search as soon as your existing home hits the market.
If you've found a home, before you've sold
your existing one, use "sale of your existing home" as
a condition on your offer. If you don't sell your house within a
fixed period of time, you can choose not to go through with the
offer. This, however, is a difficult condition for many vendors
to agree upon and you may find that you have to forgo your price
negotiating power.
Purchasing a home before you sell could be a risky strategy if you're
counting on the proceeds from the sale.
If you've found a purchaser before you've found your
next home, use "purchase of a new home" as a condition
when you sign back the agreement. Again, it will only be for a fixed
time. Even if you have not found the ideal next house by the time
the deal closes, you may still wish to proceed with the offer. As
a buyer with a "sold house" you will be in a better position
to negotiate price.
Is
now a good time to sell your house?
Thinking
of selling your home but not sure if now is the “right time?”
You
might be surprised when you find out how much your home is worth.
I invite you to give me a call or e-mail
me to set up an appointment to discuss your home's value. That
way you'll have the knowledge you need to make the right decisions.
Together
we will determine when to sell your home in the least amount of
time for the best possible price. Here is some of what we will review;
First
I will help you examine your reasons for wanting to sell. The
most common reasons why people decide to sell their homes include
changes to their financial status, an employment transfer, a growing
family or retirement. Today’s low interest rates have
also made it attractive for many homeowners to “move up”
to a larger home.
Whatever
your reason, selling a house is a complicated procedure so it’s
imperative to have a qualified real estate professional, like myself
on your side. Because selling a home involves large sums of
money and complicated legal documents, my expertise as a Realtor
can help you avoid costly mistakes.
Real
estate cycles
Buying
your home was probably the best investment you ever made. That’s
because over the long term, real estate has proven to be a sound
investment while at the same time offering you and your family shelter
and a feeling of pride of ownership.
However,
real estate is subject to the law of supply and demand which creates
cycles in the market. A shortage of homes generally means prices
rise. This cycle is commonly known as a “seller’s
market.” Alternately, a surplus of homes can result in
a slow down in home sales or even a reduction in prices and is often
referred to as a “buyers market.”
One
of the most important services I provide is market analysis. Most
people don’t have the time it takes to conduct the comprehensive
market research required to accurately price a home. As your
REALTOR, I can give you up-to-date information on what economic
and other factors are impacting current market conditions.
Which
market is best?
Obviously,
you will want to sell your home quickly and for the highest possible
price. In a “seller’s market,” you often
see many buyers competing for the same house resulting in top prices
-- sometimes even over the original list price. However, if you
are planning to purchase another home after the sale, chances are
you will be competing in the same seller’s market faced with
higher prices.
In
a buyer’s market you may find you have to wait longer to sell
your home for a fair price. The upside to selling your home in a
buyer’s market is you’ll have more selection and pricing
options when you go looking for your new property.
Although
the current market cycle should influence your decision to sell,
remember there are trade-offs to selling in either a buyer’s
or seller’s market. Some people are concerned that if they
trade up to a larger home in a buyer’s market they will lose
some of their home’s equity in the sale. But, while you may
sell your home at a “discount,” it’s likely you
will purchase your larger home at an even greater discount. The
advantage is you then own a larger asset with even greater potential
for appreciation.
Seasonality
In
Ontario, changing seasons and the weather can affect buyer demand.
For example, fewer buyers may be out looking at homes during the
cold and snowy winter months, but as a seller you will be competing
with fewer homes on the market. Spring tends to be an attractive
time for real estate sales as gardens start to look nice again and
people come out of hibernation. Buyers with school-aged children
like to purchase in the spring so they can move in over the summer. However,
homes sell throughout the year so think of the season as only one
factor in deciding when to sell your home.
There
are many important issues that come into play when deciding to sell
your home. As your REALTOR, I can help you to determine if
now is the best time for you.
