S & TOOLS FOR HOME SELLERS
©2010 The Canadian Real Estate Association. All rights reserved.
In real estate, timing influences your home’s selling price.
Working with a REALTOR® can help make timing work for you.
A buyer’s versus a seller’s market
When lots of people are looking for homes but not
many are for sale, it’s a ‘seller’s market’, because the
seller has something everybody wants. When there
are lots of homes for sale and not many people buying
them, it’s called a ‘buyer’s market’ because buyers have
more power of choice.
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, consider lowering your asking price a bit to
speed up the sale. A REALTOR® can help you figure out
the right price-to-speed ratio.
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.
What if you’re also buying a home?
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. 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.
To 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 to make sure you’re not left paying
for two homes. As a seller, you can try to extend the
“closing period” to give yourself more time to find
your next home. A REALTOR® can provide advice and
counsel during these kind of negotiations.
What if you find your new dream
home before you’ve started to sell
your old one?
Talk to your existing mortgage lender about “bridge
financing”. This is when your lender (the bank) agrees
to lend you the down payment for your new dream
home, while you still cover the mortgage on your
Information courtesy of ©2010 The Canadian Real Estate Association. All rights reserved.