Should You Sell Your House Now or Wait?

The market value of homes in Calgary has increased quickly at the beginning of this year. In fact, over the previous 12 months, a detached house was making over $10 per hour!

This trend has made many homeowners consider selling their home but they cannot decide whether to do it now or wait a little more. Here are some scenarios to help you have a clear picture of what you could do with your property.

There's a lot of talk about pricing and multiple offers. Things are happening and the market is hot. However, this doesn’t mean you have to sell your home right away. The best thing to do with your home right now depends on your personal situation. Analyze where you are at and develop a solid strategy to get the most out of this market.

Sell NOW if You Have a Rental Property

If you have a rental property and your lease is in a good situation where you could sell it, this could be a good time to sell. You could pull the trigger whenever you chose.

This is a fantastic time to put your home on the market to get more than what you paid for or what you could probably have in a long time with its market value.

Sell NOW if You Have a Place to Go

Often, when people transition, they have a place that they want to buy and a home that they need to sell. But some individuals who purchased a property two or three years ago are now thinking of cashing in their investment and moving back home with their parents.

If you are in a situation like that and don’t need to buy another house because you have a place to stay after selling your home, go for it! Pull the money, sell the property, and see what happens from there.

WAIT if You Don’t Have a Place to Go

Opposite to the last scenario, if you don't have a place to go, you should definitely wait for the spring market or the best time to sell your home.

We had conversations about the sale of a home as a condition in an offer to purchase another one. You can have that if you want, but no seller will take that! Also, in Alberta, if you do that, another offer can come in and kick you out. With the current state of the market, there will surely be another offer to come.

So if you need another place to move to, you have to wait. You might actually need to buy a home first instead of just thinking of selling your property. Otherwise, it will be very stressful if you put your home on the market first then try to get a long possession date to find your next home.

WAIT if You Like to Gamble

With the very interesting market movements lately, you can wait if you like to gamble!

If you own a place or you have a rental property you can wait and see if prices will go even higher in the next coming months.

With nearly two decades of doing real estate, Jared Chamberlain has never seen this type of market in Calgary before. He notices that the same thing is starting to happen in Edmonton and other cities. What’s happening is a transfer of money from major cities into Alberta. It is intriguing to see what will happen next. You can hold out, gamble and potentially see if there will be more inventory.

Spring markets usually generate more listings so market inventory increases. It means more competition but that's not a bad thing. Either the demand will decrease, or it will eat up that inventory fast!

Many people plan to buy and sell houses in May or June. And June 30th is typically the busiest day in real estate. According to the lawyers we have worked with over the years, most transactions are made at the end of June.

If you want to have a conversation and need help putting a plan together, strategize when is the best time to make a move, you can book a call with us! We can have a 15-minute intro call where we get a feel for what you're looking for, and you can determine if we are the right fit for you in selling your home.