Timing is everything. No seller or buyer wants to be stuck with owning two homes, or having sold without a place to go. Most people go through this predicament at some point in their life during their journey of owning a home. This is a time that your Realtor can offer you invaluable guidance. The timing of what you’re selling and what you’re buying all play important aspects of this process. Thankfully, we’ve never had a client need to move into our basement.
So, how do you know when it’s a good time?
Keep an eye on the market conditions. Again, this is where your Realtor helps as they’ll be able to determine which market your home is in. Keep in mind it differs depending on what neighbourhood you’re in.
- Seller’s Market: there are more buyers than there is inventory of homes. Often, homes will sell for very close to or above asking price and it is not uncommon to see multiple offers on one home.
- Buyer’s Market: there’s more inventory than demand. Buyers have a stronger negotiating position.
- Balanced Market: supply of homes meets demand for homes. Both sellers and buyers feel they have done well selling and buying.
Want more guidance? Contact us whenever you’d like, we’re here to help!