As real estate agents, our greatest passion is helping clients navigate the market. Leaving a buyer or seller confused or dissatisfied isn’t an option for a committed agent. While you should never feel embarrassed to ask an agent your real estate questions, it’s always nice to have some answers on hand so that you can feel prepared when seeking an agent’s services.
To help you build some confidence before entering the Markham real estate market, here are some answers to your frequently asked questions:
Is it a good idea to sell my current home before buying a new one?
There are pros and cons to selling your home and buying a new property before your current one is on the market. The best advice an agent can offer is to evaluate the risks of both scenarios:
- While you could sell first and then buy, you’ll be under more of a time crunch and could end up settling for a place you wouldn’t have typically picked. This could leave you disappointed by your purchase.
- If you buy first, the closing process doesn’t necessarily happen in a flash, so you’ll have some time to sell your other property. However, there is some financial risk here since you’ll likely be paying closing costs while still managing your other property’s expenses.
So consider the pros and cons before taking any leaps!
Can I back out of a deal after making an offer?
This is a tricky situation that involves several variables. In Ontario, many deals include room for the “buyer’s remorse period,” where you’ll have more than one week to withdraw your purchase offer if you change your mind. This is mainly for apartment units, but some house deals will include this, too. However, if you have signed the contract and paid your deposit, and then choose to walk away, don’t expect to get the money back. Walking away after agreeing to the legally-binding contract could also mean legal repercussions for you.
Make sure that by the time you’re submitting an offer on a Markham house, you’ve mulled over all the conditions and costs. Does it check all your boxes for what you need from your new home? Can you afford it, according to your budget?
Should I list at a low price or keep it higher?
When selling your home, you’ll face this catch-22 situation where you want a fast sale, but you also want high profits. The ideal situation is to achieve both, which is especially possible in a seller’s market. But, if you’re selling in a buyer’s market, you may have to sacrifice one of the two. It’s ultimately important to price your home accurately. Trust your agent’s guidance since they will understand market conditions, competitor pricing, and the buyer scope. They will help you to figure out the most strategic listing price for your property.
Work With an Expert Markham Real Estate Agent
With the help of a local agent, you’ll have all the information you need to make informed decisions in the Markham real estate market. Trust Martin MacFarlane to answer all your real estate questions and set you up to succeed in your buying or selling. Contact Martin today!