For many people, moving can be one of the most stressful events of their lives. On one hand, there can be a lot to look forward to. Relocating to a new house or neighbourhood can represent a new adventure and a fresh start in life. However, the process of selling one home, buying another and coordinating a move can feel overwhelming. There are so many little things to remember that it can be hard to know where to start. How can you remove some of the stress from the process? Coming up with a solid but flexible plan is a great way to start.
Leave as Much Time as Possible
While nothing can erase 100% of the stress of moving, leaving yourself as much time as possible will help. If you’re not under pressure, you can take the time to get the most out of your sale. You can declutter and prepare your home at your leisure. In addition, you can find and negotiate the best possible terms for your new home. And if something goes awry with your plan, you have the time to get back on track without panicking.
Understand the Current Market
The only thing certain about the real estate market is that it changes constantly. Prices rise and fall, and it can move very quickly from a seller’s market to a buyer’s market and back again. You can never count on getting your timing perfect.
However, you are at a significant advantage if you buy and sell in the same market. For example, imagine selling in a slow market where housing prices have dropped. Instead of feeling discouraged at receiving less for your home, take heart that your new house will also cost less.
On the other hand, if you sell at top dollar when the market is hot, you’ll also have to be prepared to pay more when making your purchase. Understanding the market will also help you make other decisions, like whether you should sell or buy first.
Thinking of buying or selling a home in Collingwood or the Blue Mountains? Here are some other posts you may find helpful:
- How to Sell a House on Behalf of Someone Else
- What Kind of Mortgage Should You Get
- A Guide to Buying a Vacation Property in the Blue Mountains
Choosing a Real Estate Agent
Trying to navigate any real estate market can be confusing, especially when conditions are constantly shifting. Luckily, the right Realtor® can guide you through every step so you can always proceed with confidence. How do you choose? Here are some guidelines to consider:
- A local real estate agent has the advantage of inside knowledge not just about the market as a whole but the individual micro-neighbourhoods of your specific area. This can help you negotiate the highest possible price when selling, even during slower conditions.
- Working with a real estate team gives you access to some of the best minds in the industry. After all, no one can be an expert on everything.
- How much experience does your agent have? If they have only worked in the industry for five years or less, they have never had to deal with tight conditions or negotiate seriously.
- Does the agent work with both buyers and sellers? An agent experienced in both sides of the transaction knows how to negotiate and will be a valuable asset when you are selling and again when you are buying.
- What do the agent’s other clients say? Knowledge, ability, and experience are critical. However, these mean nothing if the agent does not provide exceptional service.
Having an expert by your side who will take the time to answer your questions and treat you with respect will go a long way to easing your transition.
Choosing the right Realtor® is critical to a stress-free move. Here’s “Why You Should Work With a Collingwood Realtor® to Buy Your Next House.“
Should You Sell First or Buy First?
The question of whether to sell or buy first isn’t easy to answer because it depends on so many factors. First, you must consider the current market. If it’s highly competitive, there are advantages to buying first. It means you can rest assured that you have a place to live once your house sells.
However, buying first also comes with some risks. You will need to come up with the down payment before receiving the proceeds of your current sale. Plus, you may have to carry two mortgages while waiting for your existing home to sell.
If the market is slow, it is usually better to sell first. That way, you know exactly how much you can pay for your new home and won’t have the burden of paying two mortgages.
Before deciding which approach to take, it’s a good idea to evaluate your personal finances and talk to your real estate agent about the risks.
You may know that real estate is one of the safest and most reliable investments you can ever make. Is the time right for you to act? Check out our post, “Is it a Good Time to Buy an Investment Property in Collingwood?“
How to Make the Most of Your Sale
Ideally, you want to earn as much as possible when selling your home and then pay the lowest price when buying. A seasoned real estate agent can help you get the best results on both sides of your transaction regardless of the market.
When selling, these tips will help you maximize your results:
- Clean, declutter and make minor updates before listing your house for sale. People buy for emotional reasons, and these simple steps can significantly increase the perceived value of your home.
- Consider staging your home. Presentation is everything, and staging your home may be well worth your time and investment. Your real estate agent can arrange a consultation to see if you should prepare your home yourself or bring in a professional design team.
- Set an attractive but realistic price. Pricing too high or too low can cost you. Your real estate agent should perform a thorough home evaluation to determine the optimal listing price.
- Keep your home ready to show. Living in a staged home can be challenging, especially with a family. However, it is only for a short time and well worth the effort and sacrifice. Daily tasks like tidying, sweeping the floors, wiping the counters, and putting away the dishes will help keep your home ready to show whenever buyers are interested.
Tips for Successful House Hunting
Selling your existing property is only half of the equation. You also need to find and secure your next home. This will be the place where you spend the next few years of your life, and it is not a decision to make lightly. However, if you sold your home first, it’s also a decision you must make quickly. Some advanced planning will help ensure you find the right home for you and your family.
- Decide on your new neighbourhood. Think of what amenities are important to you. Do you want to be close to shopping, restaurants, and transit? Or do you prefer a place with quiet streets with easy access to parks and nature trails? Your real estate agent can help guide you to the neighbourhood with the perfect balance of everything!
- What type of house do you want? A condo or townhouse may be ideal if you prefer little to no maintenance. If you have a growing family, you may choose a detached home with a large backyard.
- What features are important to you? Do you want an open-concept layout or separate living areas? How many bedrooms and bathrooms do you need?
- What is the top and bottom of your budget? Knowing your range will help you save time by narrowing down your options.
- Think about the possibilities. Even if a house isn’t perfect, you can often renovate it to your specifications. However, some things can never change, like the lot size and location.
The trick is to be clear about what you want while remaining as flexible as possible. Mapping out your vision in advance will help you find the best options once your existing house sells.
Depending on the market, your real estate agent may be able to negotiate a lower price on your top contenders. Once a seller accepts your offer, it’s time to plan your big move. Your real estate agent can likely refer you to a moving company that can help you pack and organize. With a plan and a little luck, you’ll find the perfect new home in no time!
Are you thinking about relocating anywhere in Southern Georgian Bay? We are happy to guide you through the entire process. If you have questions, reach out to us today at service@KeleherCo.ca or call 705-532-9999.
