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List first or Buy first - which is right for me?

Much of Canada and especially the Okanagan is an active real estate market. The inventory of attractive listings in many markets is lower than we've seen in some time. Buyers are always on the look out for attractive and well priced properties. Sellers will find that if their home is priced right and marketed well, the attention their home will often lead to a lot of interest from buyers. Buyers often find their choices are limited, and are willing to move fast for the right property that is priced properly. Homeowners who want to sell their existing home and buy a new one are asking which step they should take first!

Kelowna Real Estate - List or Buy First?

There's no one right answer to the question of whether to sell or buy first. While each situation is different, there are some common factors to consider that may help you make the right decision. When demand is higher than the supply of housing, the resulting seller's market often brings buyers who are quick to make an offer when they see something they like. Offers from the buyers are usually quite good ones, since they don't want to drag on negotiations and risk another prospective buyer entering the picture. Chris Cyca can help you price your home properly to take advantage of this market, and ideally, your home will sell at a good price within a short window of time, maximizing your investment.

Don't panic if your home sells quickly. That doesn't necessarily mean that you have to leave it quickly. Your agreement of purchase and sale will specify your transaction closing date. While this date can typically be sixty or ninety days from acceptance date of the offer, you are free to choose a closing date that's sooner or much later. In a seller's market, your buyers will likely be willing to work with a closing date that caters more to the seller's needs since their primary objective is to get the house. That gives you additional time to find a house that's right for you, and you'll now be going into that process knowing how much money you'll net from the sale of your existing home.

Selling your existing home first helps keep your offer to purchase your next home as clean, simple and attractive as possible. By writing an offer without the need for a condition to allow for the sale your existing property, you've removed any fear the seller may have about holding up the sale of their property for an unknown amount of time, or possibly the real chance that the condition may never be fulfilled. Going into an offer once you have a firm offer on your current home puts you in a much better position to negotiate the sale of your next home than you would an offer that is subject to the sale of your current home.

As every property is unique, Chris Cyca can help you with the pros and cons of buying or selling first, and can help you to make an informed decision that is right for you.

Please contact Chris Cyca with your inquiries.

Related article: Marketing your Property >>

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