In today's real estate landscape, terms like "housing crisis," "inventory shortage," and "high-interest rates" can certainly give prospective buyers pause. But what if you're eyeing your dream home while still waiting to sell your current one? Surprisingly, the current market dynamics might work in your favour.
In a Seller's market, where demand outweighs supply, sellers hold the upper hand. You stand a better chance of selling your home quickly and at a favourable price compared to a market flooded with options and lacking buyers.
But should you wait to sell? The risk lies in settling for a property that doesn't match your needs or preferences. Limited options could force you to overpay or settle for less than ideal. It's not about selling your home but finding the right new one. If you stumble upon your dream home, it might be worth moving before it slips away.
However, predicting market shifts is tricky. What's a Seller's market today could become a Buyer's market tomorrow. Suddenly, your two-property dilemma becomes a reality. This is where your Realtor's expertise becomes invaluable, helping you weigh the risks and opportunities.
Thinking about sprucing up your new home before moving in? Purchasing before selling opens the door to renovations or deep cleaning without the hassle of relocating first. Bridge financing could be your solution, tapping into the equity of your current home for short-term funding. Just keep in mind that securing such a loan typically requires a solid purchase contract for your existing property.
Ultimately, there's no one-size-fits-all answer. Assess the risks, consider your comfort level, and work with a Real Estate Agent. With careful consideration, you can navigate the market confidently and make the right move.
Source: Calgary Law