Getting the most money for your house in the quickest possible time with the least amount of hassle is usually the goal.....well, I guess it's always the goal!
The question then becomes ‘when is the best time to sell?' The answer is not an easy one and is often determined by your current lifestyle situation. A teacher may believe that selling in the summer is the best time to move as there is much more time to prepare. Other teachers may not want to waste their vacation on the stressful task of moving. Some people listen to what the economists say about the economy and base their relocation decisions on that, where others simply follow tradition and wait for the spring.
For those of us up in the Great White North, there are at least two factors that deter home owners from putting their houses on the market; the weather and holidays. Nobody wants to put their home on the market in the middle of a snow storm or on the 23rd of December! Parents faced with the stressful task of preparing their children for the return to school will not want to move on the Labour Day weekend and they will not want to relocate their kids in the middle of the school year. Depending on who you will be marketing your property to, you should consider all of these factors.
As most people wait for the spring to sell, it might be worth it to put your house on the market in the fall or winter when supply of available housing is low. With the large supply available in the spring, your property could get overlooked and it could stay on the market for longer than you would have initially intended it to. That being said, selling at a time when fewer buyers are in the market could also cause similar results.
It is also wise to monitor interest rates. Read financial publications, talk with your bank or mortgage broker OR call ME to discuss trends in the economy related to the fluctuation of interest rates. It is always wise to upgrade your home when the interest rates are lower than your current one. You can get your dream home, and due to the interest rate drop, your monthly payments won't become too difficult to carry.
The Cost of Selling
Everyone thinks they live in the perfect home, but every home will need some work when you sell. Not every buyer is looking for a bathroom painted pumpkin orange! A home inspection will always reveal minor issues with the property that the potential buyer may not be willing to accept. It then becomes a question of pay for the repairs yourself, or lose the sale. Always remember to factor in all of the closing costs. As your realtor, I would be able to walk you through the steps to ensure you don't have any huge, unmanageable surprises at the time of closing. Always check with your lender to be clear on any discharge fees that may be levied. And then there is always the sales commission to be paid as outlined in the listing agreement.
Should I Buy First Or Should I Sell First?
There is never a right answer for this one. You may find your dream home and just can't let that opportunity pass you by. The risk then becomes carrying two mortgages if your sale doesn't close around the same time as your purchase. The flip side to that would be selling without a new place to live. This could be fine if you don't mind living in a hotel or with your in-laws until you find your new home! This, however, is a natural part of the process and the stress can be alleviated by educating yourself about the real estate market in your neighbourhood, as well as the market of where you wish to move into. Call me and I can clearly explain all of your options so you can make a decision that best suits your needs. If you find your dream home before you sell, you can always make the offer conditional on the sale of your house. If you don't sell, you don't have to buy. Also, if you sell before you buy, you can always make that transaction conditional on finding your new home. Either way, you can always protect yourself!
Thanks for reading. Please visit again soon for current and relevant information on the Burlington, Oakville and Toronto real estate markets. If there are any questions you may have regarding market conditions, mortgage rates, investing in real estate or how to sell your house for maximum profit, please don't hesitate to call or email me with whatever is on your mind.