Spring is only a few short weeks away and not only does this typically mean warmer weather, but a busier real estate market. With winter almost behind us, many home sellers and buyers will be thinking about making a move. Real estate signs should start to pop up all over the place. The inventory of homes as been very low for quite some time around the Markham/Stouffville area and as of late, many homes have been selling over their list price in multiple offers.
There are already plenty of buyers out there and if you’ve been slowly getting your house ready to put on the market, sooner is better. There are never any guarantees but typically, spring means more homes on the market which means more competition if you’re selling. Now would be a great time to list your home and try to get an extended closing date so that you can shop for your next home with more inventory to choose from.
Selling first definitely scares some people who think who think they might find themselves homeless, but unless you are looking for something that is very unique or you think you might be really picky, selling first is typically a smart choice.
When you sell first, you have a better chance of getting top dollar for your home because you’re not under any sort of time pressure. Now that doesn’t mean you can overprice your home either just to see what happens. I can tell you right now what will happen…..nothing. But let’s say you buy a house first. You took your time looking around and finally found “the one” and you buy it with a 60 day closing. 30 days to 90 days is typical. Now you have to turn around and get your home on the market as soon as possible and make sure it sells quick.
Hopefully, you’ve already prepared your home for the market otherwise you’ll be wasting valuable time. Let’s say your home is ready for sale in a week. What happens if it doesn’t sell in the first month? You’ll probably feel a lot of pressure to reduce the price to stimulate more showings. Price reductions would usually have to be a minimum of $10,000 to stimulate any action. Also, you’ll have to consider how long you could possibly own two homes for.
Now the real estate market in Markham, Stouffville, Unionville and surrounding areas has generally been pretty good but that can always change. But if you put the proper time and effort into preparing your home for sale, preferably with the help of a professional home stager, also hire an agent who will properly market your home and if you’re realistic about your home’s value, then you should have no problems at all.
What’s more important is knowing the difference, the risks and the benefits of when to sell or buy. There are always a lot of factors, many more than I’ve just mentioned, and everybody’s situation is unique and should be dealt with on a individual basis, but hopefully my advice can steer you in the right direction towards making a great decision.