If you're not buying and selling your home strategically or for investment, the best time to sell your house is when your current home no longer satisfies your current needs.

Weather and Holidays do play a factor. Not a lot of Home Buyers shop for their new home around Christmas time. Those with children in school are less likely to move during the school year making summer the ideal time to sell your home. Some gamblers look for winter bargains and then try to sell their homes during the spring cycle. Spring is usually a strong real estate selling and buying season mainly because of what we refer to as "spring fever".

Another key factor to consider is the economy. Are the current interest rates higher or lower when comparing to your actual mortgage? If they are higher , you may wish to hold off on the new home purchase as the new mortgage payments could be on the high side. On the other hand, if the rates are lower, you may be in a position to trade up to a more expensive home without noticing a significant difference in your monthly mortgage payments.

Understand Market Conditions before Selling your Home

The real estate market is in constant flux, not only as a whole but in particular areas as well. Knowing what is going on in the overall and local real estate markets will help you understand how these conditions can affect the sale of your home.

Here is a quick overview of three significant market positions.

1.	Buyer's Market:	The supply of homes on the market exceeds demand.
	Characteristics:	High inventory of homes Few buyers compared to availability Homes usually stay on the market longer Prices are stale or perhaps dropping
	Implications:	Buyers spend more time looking for a home, and when they negotiate, they usually have more leverage.
2.	Seller's Market:	There are a higher number of potential buyers than there are homes on the market.
	Characteristics:	There is a smaller inventory of homes with many buyers. Homes sell quickly. Prices usually increase.
	Implications:	Prices may be higher or perhaps climbing. Buying decisions must be made quickly. Conditional offers may be rejected.
3.	Balanced Market:	The number of homes on the market is roughly equal to the demand.
	Characteristics:	Demand equals supply. Sellers accept reasonable offers. Homes sell within a reasonable time period. Prices generally remain stable.
	Implications:	There is less tension among buyers and sellers. There are a reasonable number of homes to choose from.

Buy First or Sell First?

This is always such a difficult decision to make. I always recommend that you sell your home first, giving yourself a longer closing date so you have time to find the perfect home before you need to move out of your current one. Of course, there is always the risk of not finding the home you really want, in which case you may want to consider renting for a period of time or making a few concessions by removing a few items from your wish list.

As a safety measure, you can always make your offer conditional on the sale of your home within a specified period of time. If your current house doesn't sell within the time period, you are not obliged to complete your next purchase.

If you are in a financial position to do so, go ahead and find the perfect home first. Once your REALTOR^® has successfully negotiated the purchase of your new home, go ahead and start the procedures to list your home for sale. Bear in mind that when buying first, you always run the risk of not selling your home as fast as you anticipated and may need to carry two homes for a period of time.

Tips for Seller's

Glossary of Terms

Preparing your Home for a Showing

The Open House

Moving Checklist

Renting out your House

For Sale by Owner

Laurence Mongeau, Sales Representative | 905-333-3500 | homes@LaurenceMongeau.ca
RE/MAX Garden City Realty Inc., Brokerage | 720 Guelph Line, Burlington Ontario L7R 4E2, Canada | Fax: 905-333-3616
My real estate services are available in French | Pour mieux vous servir j'offre également mes services en Français pour tous vos besoins immobiliers

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