The Whys and Whens of Selling your Home
When faced with the prospect of selling their homes, homeowners are faced with two challenges: how can one be certain that the decision to sell is the right one, and once the decision has been made, when is the best time to sell?
There have historically been four main factors influencing why and when people sell their homes: the economy and housing market, employment changes, family issues, and lifestyle changes. Low interest rates are a new issue that has greatly affected the economy of today.
These factors will not only have a significant impact on your eventual decision to sell but also on the timing of your sale.
The state of the economy and the markets.
Almost every aspect of real estate involves market conditions and monetary concerns, which are of utmost importance to the seller. In the end, the seller is the one risking their assets, their equity, and occasionally years of toil.
Sellers must speak with a real estate expert immediately because there is so much at risk. To secure the highest possible price for your property, only REALTORS® possess the practical expertise and in-depth understanding of the real estate sector required.
“Buyer’s” and “seller’s” markets are terms that we have all heard of. These phrases describe how many people want to buy compared to how many houses are available on the market. A buyer’s market exists when the number of homes for sale exceeds the number of potential buyers. A seller’s market exists when there aren’t enough houses to meet demand.
You should sell in a seller’s market if you’re hoping to make money off of it. The difference isn’t as significant as you might initially think if you intend to buy another house after the sale.
You may be able to sell your house faster and for a higher pried in a seller’s market, but it will be more difficult to buy in that situation. In a buyer’s market, you might have to wait longer to get a fair price but you’ll have more selection and pricing options when looking for your new home.
Now, Interest rates are currently close to their all-time low. For those looking to buy, this has resulted in previously unheard of opportunities. Rent for an apartment or townhome will frequently be less than mortgage payments. As a result, a lot of consumers are thinking about owning something, many of them for the first time. This could result in a significant boom for sellers.
REALTORS® use the term “seasonality” to describe when it is anticipated that home sales will increase. Although this is only one aspect to take into account when selling, spring in Ontario typically sees a spike in activity. Buyers with kids especially like to look in the spring so they can settle in a new house before school starts in the fall.
Employment Changes .
A sale decision may be impacted by employment changes. If a new job or promotion requires you to move to a different city, there is the obvious issue of relocation. If the homeowner doesn’t want to keep the property for an investment or other reasons, selling becomes a necessity in this situation.
You might be able to buy a bigger home for the same investment or a similar one for less by relocating to a smaller urban area. Even if your new job won’t require you to relocate far, you should take advantage of the chance to determine whether you need to upgrade your home and do so if you can.
In actuality, with interest rates as attractive as they are, it is more feasible than ever to make a significant move without lowering your family’s standard of living.
Children are the most common family concern mentioned by homeowners as a reason for selling. The most common reason for wanting a larger home is to accommodate a newborn, though sometimes people discover their family has outgrown the current one.
If so, you’re in a fantastic position in terms of the market right now. Most importantly, you must have the financial means to invest the time necessary to sell at the right price and then locate a home that meets your needs. You can practically guarantee that you’ll find a good home at a good price by getting in touch with your REALTOR® well before the date you wish to move.
lifestyle Changes .
Retirement and other major life changes are the two main factors motivating sellers. For those who intend to retire, “cashing in” assets may be necessary in order to truly enjoy your later years. Once more, it is sage to plan far enough in advance in order to take advantage of the market and sell at a profit. Changes in lifestyle may take the form of, for example, purchasing a condominium to reduce the workload associated with maintenance and upkeep, moving from the city to a more rural area, starting a home business, or any number of other options.