Should I Sell My Home In 2022? 4 Signs That You Should
It’s no secret that the past few years have been a rollercoaster when it comes to the real estate market, particularly in Ontario. With all the ups and downs of the housing market, it can be hard to know when to enter the market, especially if you have been thinking about listing your home.
If you are wondering whether or not you should sell your house in 2022, you are not alone.
Here are a few signs that can tell you it’s time.
Outgrowing Your Home
Outgrowing your home is completely natural, and is often just a gut feeling.
Maybe you wish you had a larger balcony for the summers or hardwood floors, or perhaps even more bedroom space for your children.
When these thoughts start to creep in, it can signal that it may be time to explore other options in the market that are more aligned with your current lifestyle; a lifestyle that may be much different than from when you moved in.
Equity, Equity, Equity
The longer you own a home, the more equity you have. That’s why it’s important to live in a home you are paying a mortgage on for a reasonable amount of time to take advantage of equity. 5 years’ time should be a good start, but longer is typically better from a financial perspective.
Moving out too early after moving in can also signal to buyers that there may be something wrong with the house that is making it hard to live there, making it a harder sell.
Home Prices Are Still High
In Ottawa, home prices are still increasing – and although not quite at the rate it was a year ago, this still makes for a promising seller’s market.
When entering the market, your real estate agent can inform you about the best time to sell, the current market inventory, how to position your home within the market, and can also use their digital or physical networks to help you list your home at the highest possible price.
A seller’s market is critical in deciding when to sell.
When mortgage rates are low, you can bet people are looking to purchase a home. It’s important that you and your REALTOR® keep your finger on the pulse of the changes to the residential mortgage rates, which can help you sell your home.
If the mortgage rates are low and inventory is also low, entering the market may be wise. Leverage is important in listing your home and low mortgage rates with a lack of inventory gives you and your REALTOR® some leverage when negotiating prices (which can and will happen!).
Trust A REALTOR®
There are a lot of variables to deal with when selling your home. This is a big decision, and if you are not getting the right advice and recommendations, you could be leaving money on the table.
This is why it is important to use a trusted real estate professional, who can help you maximize your exposure when entering the market, stage your home for listing, and develop an action strategy when negotiating with prospective buyers.
To talk to a real estate professional from LIFE Real Estate Group, and for advice on selling, click here: https://lifereg.ca/contact/