Step 1: Deciding When to Sell in Parry Sound-Muskoka
Experience and professionalism become extremely important in uncertain times and The Phillips Team is always availalbe for a professional consultation if you are considering the sale of your home or cottage. Call Us First!
In real estate, timing is not everything but it does influence your home or cottage’s selling price. This is particularly relevent in the Parry Sound-Muskoka market that is so highly influenced by seasonal influences, specifically when it comes to selling recreational and waterfront properites. And of course, during these interesting and dynamic times in 2020, there are a number of factors to consider when it comes to selling your home or cottage.
Status report. Is it a buyer’s or a seller’s market?
When there are lots of people looking for homes or cottages in the Parry Sound-Muskoka district but not many for sale, this is called a ‘seller’s market’, because the seller has something everybody wants. This is what is happening in today's cottage country market. When there are more homes or cottages for sale in the Parry Sound-Muskoka district and not many people buying them, this is called a “buyer’s market” because buyers have more power of choice. An experienced, professional REALTOR® is the best person to consult about this.
How quickly do you need to sell your home or cottage?
In a Parry Sound-Muskoka district seller’s market, top price and a fast sale can go hand-in-hand. In a buyer’s market, more sellers are competing for your potential buyer. If you have to sell right now, you may wish to lower your asking price a bit to speed up the sale. REALTORS® are masters at figuring the price-to-listing ratio and know how to attract offers without going unnecessarily low. Pricing your home or cottage properly in the market place is essential and an experienced, professional REALTOR® knows how to discuss this with you so that you can make an informed decision.
Seasonality. Do home and cottage sales get frostbite?
Winter sales tend to be much slower in the Parry Sound-Muskoka district, with Spring sales becoming much more lively especially when it comes to. Homes and year round cottages of course sell year round, but the market in Parry Sound-Muskoka is certainly much busier once the snow melts! Therefore, seaonality can be a significant factor to consider particulalry when you are thinking about listing your cottage property. Regardless, there are always people looking to buy, and seasonality is only one of many factors to consider.
If you’re also selling and buying a home.
In this case, you don’t really have to worry about playing the market. If you sell your existing home for a ‘low’ price, you’re probably also buying at a low price. If you are upgrading to a larger home, this actually works to your advantage. Imagine when your bigger home is on the upswing. If you’re downsizing from a bigger home to a smaller home or a condo, you need to pay a bit more attention to the market. Of course, this is a simplistic explanation, and requires a full and comprehensive conversation with your REALTOR® to determine the best strategy for you and your family resources.
Buy first or sell first? The eternal question.
Many people are able to time their sale and purchase so they happen on the same “closing date.” Buyers can make their offer “conditional” on the sale of their existing home, to make sure they’re not left paying for the upkeep of two homes. When selling, you can try to extend the “closing period” to give yourself more time to find your next home. REALTORS® are very skilled at this sort of negotiation, and can make your transitional life a lot easier.
If you find your new dream home before you’ve even started to sell your old one.
Talk to your existing mortgage lender. You may be able to arrange “Bridge Financing.” This is when your lender (e.g. the bank) is confident your existing home will sell quickly, and they agree to lend you the down payment for your new dream home. Talk to your REALTOR® as s/he will have valuable resources when it comes to mortgage lenders.
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