This is the 6th step to buying a home.
When should you sell?
- Buyer's vs. seller's market. 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".
- Waiting 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 more brisk.
- If you need to sell fast. Ask a REALTOR® for help establishing a price and for making your home look attractive, without making you look desperate.
The eternal question: Buy first or sell first?
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 highly motivated and should have the experience, knowledge and advice that can help to get you the most for your home.