Whether you're a current or prospective homeowner, you'll probably consider putting your house up for sale at some point down the road. And if you do currently own a home in Victoria, you may have noticed your property value increase drastically over the past few years—in which case the thought of selling has probably crossed your mind.
Whether you're interested in selling your home now or in the future, it can be a tough decision to make. Not only will you need to go through the process of listing your home for sale, you'll also need to enlist the help of a reliable real estate agent, find a new home to move into, pack up all your things, and go through the process of closing out your current mortgage and taking on a new one.
But before you go ahead and slap that "For Sale" sign on your lawn, here are a few questions to ask yourself if you're thinking about selling your home:
Why do You Want to Sell Your Home?
Is it for financial reasons or merely for practicality?
This one might be a little too big. Image source: Chris Goodwin.
Are you hoping to make a good return on selling your home? Consider that you'll also need to purchase a new home, and depending on where you're willing to look, you could end up spending more money to move into a smaller home or a new location. Unless your current home is substantially more valuable than the one you're planning on moving into, it may not be worthwhile. You'll also be confronted with all sorts of real estate and mortgage fees, the costs of moving, and the possibility that your current home may not sell for as much as you'd hoped.
You may also have changing needs—either a family that's expanding, or grown kids looking to move out on their own. Depending on your situation, it may be time to either upgrade or downgrade your home depending on if you need more or less space, or if you'd like to live in a certain neighborhood.
These are all valid reasons to consider selling your home, and finding a good realtor who can advise you throughout this significant transition could make all the difference between taking a loss or making a net gain.
When do You Want to Sell?
How flexible are you? It's always important to consider timelines. If you need to sell quickly, you could end up selling below market value. But if you're willing to wait for the irght buyer or more favourable selling conditions, then the ball is in your court and you may be able to command a higher price.
It's currently a seller's market. Image source: Pixabay.
You'll also want to consider market timing. It's a seller's market right now in Victoria, which means there are far more willing buyers than sellers. This in turn means that housing prices are higher now than they've ever been, and houses are freqently being sold above their initial asking price. Since nobody knows when this upward trend could start to slow down or even reverse, your home may be more valuable right now than it's ever been—now may be the perfect time to sell, before the market slows down.
Not even us realtors can predict the future of the housing market with high accuracy—and unfortunately, nobody has a crystal ball that can gaze into the future of real estate pricing. But the one thing we can (and always do!) keep our eye on is market trends, and these can tell us a quite a bit about what the next few months might look likee.
For up-to-date advice on where the Victoria real estate market is at right now, it's best to contact a realtor directly. Not only will they be able to give you worthwhile advice on when to sell your home, but they can also make a full assessment of your poperty and provide you with some idea of how much it might be worth on the market. If you'd like to take this step, feel free to contact Ray or Rob right now!
Where Will You Move To?
So you've decided you want to list your home. Great. Then the offers start coming in. Excellent! Then you realize you really need to find somewhere to move into, and soon! Now what!?
Remember: if you sell, you gotta move! Image source: Wesley Fryer.
Let's hope you never find yourself in this scenario (and if you choose your realtor wisely, you shouldn't). But you do need to consider where you'll go once your current home is sold. Here are a few important things to consider:
- Are you looking to move to a completely different region or municipality?
- Are you willing to rent temporarily while searching for a new, permanent home?
- Are you on a tight deadline for buying a home or moving out of your current home by a certain date?
The timing of move-out/move-in dates can be a tricky thing, especially if your home sells quickly and you have trouble (or lots of competition) finding a new home that suits your needs. It's important to go over these details with your realtor in order to determine the best course of action for your unique situation.
How Will You Sell Your Home?
Do you have a current offer from a developer? Have you considered working with a realtor?
A good selling experience makes all the difference. Image source: Julian Jagtenberg.
Finding the right realtor can make all the difference when putting your home up for sale. If you're serious about the possibilty of selling in the near future, you may consider approaching a realtor and finding out more about their services and seek out some advice on what to expect considering current market conditions—with regards to both selling your current home and purchasing a new one.
Realtors are experts in the local real estate market. If you have any questions, feel free to reach out and ask us! Deciding to sell your home is a big decision to make, and making that decision alone can be stressful. We're here to help, and our goal is to make the whole process as stress-free as possible!
Contact Ray or Rob today:
Ray Murray, Pemberton Holmes
Rob Davies, Pemberton Holmes
Feel free to contact either of us with any questions you might have. We're always happy to help!