Decide When to Sell

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.

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.

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

existing property.

 

 

Information courtesy of ©2010 The Canadian Real Estate Association. All rights reserved.

Marjorie Howatt

Marjorie Howatt

Sales Representative
CENTURY 21 Westman.com Ltd.
Contact Me

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