Timing your sale is as important a factor as the actual price of the property. When you put something up for sale is as important as what you put up for sale. Let me explain how!
Whose market is it anyway? Buyers or Sellers?
In market terms, we say a market is a buyer’s market or a seller’s market depending on who has more choice at the time of the sale. For instance, if there are more houses on sale than there are buyers, it is referred to as a buyer’s market because buyers have a lot of selection to choose from. However, when more buyers are looking for homes but not many houses on sale, it is referred to as a seller’s market because sellers can choose who to sell it too for the highest price.
Are you in a rush to sell your home?
If you want a quick sale, then listing your house in a seller’s market will give you a good price in a short time. If you have to sell when it is a buyer’s market, then lowering your asking price will expedite your sale. At REALTORS®, we have the expertise in market dynamics and know how to play with the price-to-listing ratio to get you quick offers without going too low on the listing price.
Believe it or not- winter slows sales down. Houses listed in winter tend to get sold later than those listen in Spring. Having said that, there will always be people looking for houses in winter.
If you are selling your home and looking to buy a new one!
If you are that customer, then fear not because the factors that play in your favour or against you will also be playing your buyer and seller. For instance, if you had to lower your listing price because of winter, chances are you will also get a reduced price on the house, you have your eyes on.
What should you do first? Sell or Buy?
If you are trying to sell your existing home to move to a new place, this question is not only important but has to be approached with a great deal of practical wisdom that we have plenty of at REALTOR®. Ideally, you should have the same closing dates for the home you are selling and the one you are purchasing. This way, you don’t have an overlap of payments, and many sellers/buyers are able to do that successfully. One way to achieve that is to make your purchase offer conditional to the sale of your home. Another way is to prolong the “closing period” in order to buy more time for your home search. REALTOR® will help you map out these decisions effortlessly.
If you do run into a situation where you have to buy before you can sell your home, there is the option of “Bridge Financing.” This means that your bank agrees to lend you money for a down payment after ascertaining that your home has a great market value and can be sold easily.
Finding the right REALTOR® will make or break your plans.