Is now a good time to sell your house?
First a REALTOR will help you examine your reasons for wanting to sell. The most common reasons why people decide to sell their homes include changes to their financial status, an employment transfer, a growing family or retirement. Today’s low interest rates have also made it attractive for many homeowners to “move up” to a larger home. Whatever your reason, selling a house is a complicated procedure so it’s imperative to have a qualified real estate professional on your side. Because selling a home involves large sums of money and complicated legal documents, a REALTOR’s expertise can help a homeowner avoid costly mistakes. Real estate cycles However, real estate is subject to the law of supply and demand which creates cycles in the market. A shortage of homes generally means prices rise. This cycle is commonly known as a “seller’s market.” Alternately, a surplus of homes can result in a slow down in home sales or even a reduction in prices and is often referred to as a “buyers market.” One of the most important services a REALTOR provides is market analysis. Most people don’t have the time it takes to conduct the comprehensive market research required to accurately price a home. A REALTOR can give you up-to-date information on what economic and other factors are impacting current market conditions. Which market is best? In a buyer’s market you may find you have to wait longer to sell your home for a fair price. The upside to selling your home in a buyer’s market is you’ll have more selection and pricing options when you go looking for your new property. Although the current market cycle should influence your decision to sell, remember there are trade-offs to selling in either a buyer’s or seller’s market. Some people are concerned that if they trade up to a larger home in a buyer’s market they will lose some of their home’s equity in the sale. But, while you may sell your home at a “discount,” it’s likely you will purchase your larger home at an even greater discount. The advantage is you then own a larger asset with even greater potential for appreciation. Seasonality There are many important issues that come into play when deciding to sell your home. A REALTOR can help you to determine if now is the best time for you.
This series of articles is brought to you by A. Mark Argentino and the Ontario Real Estate Association OREA as the source of information. |
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