Not many people can hold on to two homes, so you’ll probably need to sell the home you have now if you’re looking to move to another. Be sure to check out our incredibly helpful 10 Steps to Selling Your Home. In the meantime, here’s a quick overview.
Buyer’s and seller’s markets explained.
When there are lots of people looking for homes but not many for sale, this is called 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, this is called a “buyer’s market” because buyers have more power of choice.
Wait 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. If you are upgrading to a larger home, this actually works to your advantage. Imagine when your bigger home is on the upswing. To see what the market is currently like in the Kingston and Napanee areas, visit The Canadian Real Estate Association where you can find updated reports on the status of the market.
If you need to sell fast.
Talk with your REALTOR®! They are experts and know the price that will make your home look attractive, without making you look desperate.
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”. Buyers can make their offer “conditional” on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to extend the “closing period” to give yourself more time to find your next home. REALTORS® are very skilled at this sort of negotiation and can make your transition a lot easier.
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 dentistry, 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. Finding your new home and changing your life is hard enough! Your REALTOR® is expertly trained and highly motivated to get you the most for your home.