Deciding to sell your home can be a tough, and often times, emotional decision. You may be pressured by financial constraints - or upsizing, or downsizing as children leave. Many factors contribute to your homes value but main three are: location, current market conditions, and the condition of you home. Of these three, you have control over only one - the condition of your home. The location is what it is, and market forces are always changing and beyond your control. Whenever you decide to sell your home, include 'prep time' with your agent, who can guide you on necessary repairs, or decorating tips that will give your property an edge in this competitive market. But let's look at all the factors more closely:
TIME OF YEAR
The Toronto real estate market is a year-round business. you can sell you home any month of the year and find serious qualified Buyers. But the market does follow a pattern year after year that highlights the spring and fall months as the ideal times to purchase a home - and therefore the best time to sell a home. Springtime Buyers are generally hoping to move over the summer months and avoid changing schools mid year for their children. This is also when most homes come onto the market, creating the most competition for you home. Solution - list at the very beginning of the spring market or just before, when there is less competition and Buyers are hungry to get going. If you miss this market, the very start of the fall market is your next best alternative. Make sure that your home is prepped and market ready in advance!
THE LOCAL MARKET
The market is ALWAYS changing. The stock market, politics, monetary exchange rates, mortgage rates, demographics - they all have an effect. But did you know that prices differ city to city, town to town, and neighbourhood to neighbourhood? An expert agent can tell you the number of available listings near you and how long they've been on the market, as well as recent SOLDS near you and how the number of days they took to sell - and what the Toronto Real Estate Board Home Price Index shows as a trend in your immediate area. Wouldn't you like to know those factors as you make your selling decision?
REGULATIONS & INCENTIVES
When the government introduces new regulations to home purchases, mortgage qualifications, etc., they have an immediate impact on the housing market. They are often announced well in advance of implemention so that you can take advantage of - or avoid - these changes. Wouldn't it be wise to have your finger on the pulse of of the current rules and upcoming changes? I personally believe in a ' team of experts' to guide my clients - consisting of a mortgage broker, a lawyer, and a home inspector. It's good to make BIG decision, confident that you are on top of the BIG PICTURE.
PERSONAL REASONS
There are times when the factors in the market just don't matter. It's time to sell. You require immediate action. At these times, your agent can tell you exactly what type of market you're in and how best to respond to those conditions. Even if you are in a 'down' market, there is a bright side. You'll also be purchsing your next home in that 'down' market. Know what to expect from the market you're in.
I hope this information has been helpful. Knowing market forces and timing them to your benefit is what DREAM, MOVE, CELEBRATE is all about.
Post a comment