Selling a home in a seller’s market is a dream come true. Here in London, Ontario, we are seeing many listings experiencing multiple offers. It is not uncommon for a well-priced house in a desirable neighbourhood to sell for $50,000 above asking. Toronto’s frenzied market has moved westward, and London—which has long been viewed as a very stable real estate market—is starting to see an upward trend that shows no signs of slowing down any time soon.
If your house has been properly staged, photographed, and marketed, there's a good chance your home will sell fast, but the challenge in a seller’s market is finding another place to live. If you are planning on buying again after you’ve sold here in London, there are a few key things you can do in order to be prepared.
1) Plan ahead
As far in advance as possible, get to know the market trends. Speak to your mortgage broker to see what your options are; there are lots of unique arrangements that lenders can make for sellers, and getting to know what arrangements could be available to you would before you start preparing your home to sell. Bridge loans are highly popular in a seller’s market, which helps you make your offers more competitive.
If you are in the financial decision to buy before you sell, a seller’s market is the best time to consider this option and would provide you with more flexibility with the buying process.
2) Look at temporary housing options
The more options you have, the better. Can you sign a short term lease? Is your relative going away for a few months and needs a house sitter?
The less pressure you have to buy something right away, the more likely you’ll be able to find the home of your dreams. The hardest part about buying in a seller’s market is the pressure that it takes on all the other interested buyers.
3) Price Your House Right
The last thing you want in this market is to have all the arrangements made to sell your house…and then, for some reason, your house sits on the market longer than expected.
Even in a seller’s market, this can happen.
4) Reduce Your Stress
Selling and then buying a house in any market can be stressful. There are lots of unknowns and change can be difficult. Because of the many benefits of going ahead with a real estate transaction in a seller’s market, it’s usually worth the stress, but the more that you can do to keep your nerves in check, the better you’ll be able to handle the ups and downs of what is to come.
5) Work with an Experienced Realtor
In a seller’s market, you need a realtor who is a confident and intuitive negotiator. When navigating multiple offers as well as trying to purchase a hot property, having the right realtor is more essential than ever.
I have been incredibly successful at helping my clients get the best price for their property AND helping them purchase the next home in this market. Extensive research and careful preparations can make all the difference, and it’s critical that you have a realtor who is on your side and highly capable of navigating all the unique challenges of a seller’s market.
If you have any questions about how to sell and then buy in this fast-paced market that London is experiencing, feel free to reach out and ask me how I’ve helped many clients through the process.
Thanks for reading!