By Sean Cowan
That’s a good question. It’s a question many people in this market ask themselves. It really depends on your comfort level and where you’re looking to move. The advantage of listing and selling first is; you will know exactly how much money you have in your pocket when it comes to shopping for a home. If you list first, chances are you may get multiple offers on your home and end up with more money than you expected. This will give you an advantage when you’re shopping for a house and putting in offers on homes. If you find the home you want, and are in competition, you know exactly how much money you have to play with. Selling your home first offers some comforts as well; when you put an offer on a home, you don’t have the stress or worry of selling. If you happen to have multiple offers on your home, you can always ask for a long closing date, that way you have time to shop for your new home.
On the other hand, if you buy first and then list you know exactly what house you will end up in and when. Because it’s a seller’s market, many people choose to buy first as they usually know their home will sell. It’s comforting to many knowing they will have a place to move into. One very important question to know is: can I bridge my mortgage? Basically -can you afford to own two homes at once if need be? If you buy first, it may take a little while for your home to sell and you don’t know what kind of closing date the buyers want. This means you may own two homes for a couple weeks or a couple of months. It does make the physical moving process a little easier if you can afford to do so.
Another factor to consider is the type of home you have and where you live. The more unique of a home you have, the longer it may take to sell. So you may choose to list first. If you live in a very desirable area where homes are selling fast, it could be a quick process. In this case, you may choose to buy first. However, once again listing first has the big advantage of knowing how much dough you will have in your pocket!!
The good news is, if you own a home, you’re in a very good situation. It’s definitely a seller’s market and most homes are selling fast. According to the Realtors Association of Hamilton Burlington, there were 1,940 properties listed in September of 2016, a decrease of 9.5 per cent compared to September of last year. That means fewer homes were on the market – making for an even stronger seller’s market.
In September 2016, the average price of a home in Burlington was $706,989 compared to $570,802 in September of 2015. A big jump!
If you have any questions, please feel free to contact Woolcott Real Estate anytime. WE can show you how fast homes on your street are selling and how much over asking owners may be getting. We can also give you great advice on your purchase as well.
