05 Jan Why Should a House Stay on the Market & When Should I Put My House on the Market?
Why Should a House Stay on the Market & When Should I Put My House on the Market?
Many ask these questions in challenging markets, should I keep my house on the market or take it off and put it on in the Spring Market when more buyers are looking?
Why Should a House Stay on the Market?
- The public has to know a home is for sale. If the home is not listed on the market, no one will see it and there is no opportunity to purchase.
- Serious buyers are searching all the time and are motivated to make the effort to search no matter what time of year.
- In the early Winter there is generally less supply of homes on the market, which also means less competition and could lead to a better price.
- International buyers shop year round for homes. They have a strong motivation to find a home to meet their timeframe.
- Buyers relocation from another city and federal Public Service transfers start in early January, which means that these buyers are looking for accommodation now.
As you can see, there are many benefits to having your home on the market at this time of year.
When should I put my house on the market?
You often hear about the busy Spring market, and many will say this is the best time to put your house on the market. Consider these points when making the decision on when to put your home on the market.
- When purchasing a new home, closing dates can be 6 months to a year long. It is important to give yourself 3 months marketing time for your home, especially if you need the funds from the sale of your present home to pay for the new home. Some people don’t want the stress and will put their home up for sale sooner and either rent, stay with family or make other accomodation arrangements.
- We have found that listing your home for sale at the end of January is a good time for March and June closing dates.
- Competition and supply of homes on the market is higher in the Spring.
- If a house is vacant or gives that impression, it is generally harder to achieve a higher selling price than if the home is furnished and staged.
- Check with your mortgage broker and bank as to the conditions for mortgage approval. Ask outright, do I need to sell my present home to obtain mortgage approval? Also, ask:
- is there a possibility of porting my existing mortgage, what are the conditions and interest rate?
- can I be approved for bridge financing and what is the cost?
As experienced Kanata Realtors®and Ottawa Realtors® we would be happy to discuss with you your real estate goals and help you prepare a timeline and plan to achieve them.
Have a question about the market, your home or houses for sale in Kanata and Ottawa, please feel free to Contact us