Dear David,

We retired last year and have taken some time to reflect on where we want to live. Ideally, we’d like to travel a bit and get a smaller home that is close to our children. We’ve heard that there are lots of properties on the market right now, which makes us nervous about listing our current house. Should we put our plans on hold and wait for a better time to sell? – UNSURE

DEAR UNSURE: There are many things to consider when deciding whether you should pursue your moving plans or shelve them. If you have personal reasons for making a move, such as relocating for work or downsizing to a more manageable property, waiting may not be an option. When your sale is motivated by personal circumstance, it makes sense to go ahead if you’re ready.

Things may be different if your primary concern is the state of the market. Prices tend to rise or fall depending on economic conditions, and buyer demand will often pick up as mortgage rates stabilize or drop. Keep an eye on the trends: Ontario is currently shifting towards a balanced market rather than a buyer’s market, which means sellers still have some leverage. In this environment, the key to success is pricing your property correctly and making sure it is marketed well. Overpricing or under-preparing can leave your house sitting on the market.

We’ve recently seen a bump in local inventory levels, which means there is more competition in the real estate marketplace than there used to be. If you plan on selling and buying at the same time, this may not be a major concern. You may get less for your home if you sell in a buyer’s market, but at the same time will probably end up paying less for your new home. 

The real estate market is hard to predict. Over the years, I’ve seen many people try to time their move perfectly. Too often, they end up wasting several years of their retirement sitting on the sidelines with their fingers crossed. If you are worried about potentially leaving money on the table and are waiting for better conditions, keep in mind that you’ll incur ongoing costs (mortgage payments, maintenance, utilities, etc.) by holding off your move, and you run the risk of the market growing more competitive as inventory levels rise. Staging your home and pricing it well can help mitigate these risks.

Now is the time to speak with your Realtor about market conditions. A trusted professional can offer a personalized perspective as you assess whether selling or waiting is better for you. When the time is right, a good agent will stage and price your home properly, to help it stand out in a competitive market.

PRO TIP: If you need to sell now for personal or financial reasons, talk to your real estate agent about pricing your home appropriately and marketing it effectively. Timing the market is next to impossible and hope is not a strategy. #Advice #AskDavid #TheNegotiator

David is a top-selling Broker in Kitchener-Waterloo Region. He works personally with you when selling or buying your home. Moving? Get it right. Ask David today! Call or text 519-577-1212.