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The Market is HOT! But Should I Sell?

That's the question..

If you're a homeowner and you've got some solid equity in your house, I'm sure you've had the thought of selling in this wild sellers markert.

Maybe you've been there for a long time and you've paid down a good bunch on your mortgage. Maybe you've bought it recently and done some impressive renovations. 

Either way, the idea of selling in this market can seem very attractive.

The most amount of offers I've seen on a property so far this year is 35 and the most I've seen a property sell over asking is $200,000.

So I get it. Selling sounds like the right thing to do. But make sure you're asking yourself these questions before listing your property;

- Do we want to be competing with other buyers when we're shopping?

- Are we willing to pay a premium for our next home?

- Would we consider a home that needs work to avoid paying over asking price?

No quesiton, this is the best sellers market I have ever seen. There is no inventory and interest rates for buyers are very low. This creates a supply and demand swing which heavily faviours sellers.

But it's impotant to remember that when you sell, usually, you become a buyer.

Now more than ever, it is VITAL to have all your ducks in a row before submitting an offer. You want your financing to be 100% in place. Make sure your mortgage broker has all your paperwork and you've received a true PRE APPROVAL letter. Not just a pre qualification phone call.

You'll also want to make sure you have a large deposit to go with your offer. When a seller is looking at 12 offers, even if your offer price is similar or higher than another one, a seller feels more confident accepting the offer with a higher deposit.

There are multiple ways to make your offer more attractive to sellers and this is something we discuss when we sit down together to write one.

Stay warm!

- Nico

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