If making a change in your primary residence in 2017 is on your mind, you may be gearing to make a move in the Spring or Summer. Traditionally, that is when families with children start looking for a place that they can buy, close, and move into before summer ends so they can get the kids settled in a new school before the fall term starts. Currently, the low inventory that characterize the Canadian housing market right now may be a good incentive to get your home on the market, especially if you have a reasonably priced home that might appeal to first time buyers.
Why Initiate Your Real Estate Transaction Now?
There are numerous factors at play that might cause you as a Baby Boomer planning for retirement or a retired senior to jump start your plans to sell now.
- Inventories in many areas are low due both to demand and because many potential sellers follow traditional wisdom and wait until the weather warms up. You can put your home on the market before the spring influx of homes.
- As a result of shortages, housing prices in many areas are high, although homes in Halifax have fallen. As a seller, you might capitalize on the low inventory and get a great price for your home.
- Condo rentals prices are increasing in many markets, which may push tenants into the buyer’s market. Leases may come up for renewal at any time of year, so having your home on the market in January or February might be right on time.
The Downsides Of Listing In Winter
As seller, you may experience some downsides of listing in the winter. Real estate analysts have determined that housing prices are at their lowest between Thanksgiving and throughout the winter. Why?
- Since fewer buyers want to brave the cold and snow, homes may not generate as much interest unless the buyer is motivated.
- Many potential buyers are spent out after the holidays and not ready to buy a home.
- Statistics show that marital breakups are highest between October and December, which leads to property hitting the market at bargain prices in January. Many couples want to sell quickly, so they list for a lower price that discourages haggling. Your home may seem overpriced in comparison to these homes.
You may feel the effects of new regulations that went into effect in have tightened lender criteria and increased mortgage insurance rates, which discourages some new buyers from entering the market or restricts them to less expensive homes.
Should You Try To Sell Your Home In Winter?
These trends may impact you differently if you are a buyer or a seller, while balancing out if you are both selling your home and searching for a new one. If you are a buyer, you will benefit from these circumstances and may be able to buy your downsized home at an attractive price.
If you are looking to buy or sell a house with a space that can be an income unit or separate space for parents or children, call me today. If you are ready to sell your home for maximum value, the best place to start is by clicking here and scheduling an appointment.
Roy Thomas SRES is a Senior’s Real Estate Specialist and a REALTOR® with Sutton Group-Professional Realty. Licensed since 1991, much of Roy’s practice is helping retirees with their later in life moves. Roy can be reached at 902-497-3031, by email: RoyThomas@RoyThomas.ca or read other articles online at www.HalifaxSeniorLiving.ca
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|Roy Thomas SRES® (Senior’s Real Estate Specialist) is a REALTOR® with Sutton Group Professional Realty. Since 1991 Roy specializes in helping retirees with their later in life real estate transactions. If you are contemplating a move and would like a complimentary copy of Roy’s guide to downsizing entitled “Preparing to Downsize” please click here|