Some people can be so focused on adding value to their home in preparation for sale or thinking about the type of home they want to buy that they forget to look at the market itself. While the home is a crucial component of a house sale or purchase, what the market is doing can bear a lot of weight on your actions. Before you make one of the most significant decisions of your life, take a look at the following market information.
Consider Your Timing and the Location
Reading through an Ontario housing market guide or another market guide for a different location can shed light on whether you purchase in that area or how much you sell your home for in a particular neighborhood.
Some towns, cities, and entire regions have experienced significant increases in value in recent years, while others are only just starting to pick up. However, some areas have plateaued or show no signs of increasing in value, which could be bad news for both buyers and sellers.
Timing and location can be everything when you’re planning a move, so don’t miss this crucial step before you start making life-changing decisions.
Look At Housing Supply
The basic rules of economics dictate that where there is low supply, there can be high demand. High demand can drive the prices up but can also signal the start of a building boom dependent on available labor and supplies.
Look at the housing supply trends near you to understand which areas are seeing significant demand for properties and where there’s an oversupply in others. The information you find may dictate how much you sell for, how you sell, and where you may buy in the future.
Learn About Interest Rates
As unimportant as interest rates may seem, they can be a driving force for many people to buy, sell, and remortgage. Interest rates can dramatically impact the affordability of housing, which means they are essential to consider when the time comes to buy or sell due to how they may change what you can afford.
The market you sell in is also the same one you have to buy in, and even a slight increase in interest rates could amount to several thousand dollars of extra payments you didn’t anticipate.
Selling methods can be worth considering when looking at sales rates and how long it takes for a property to sell. If you’re in a hurry to sell, traditional sales methods like real estate agents might not be suitable for you. However, if you’re happy to wait for the right buyer to come along, they can be a worthwhile consideration.
There are three popular sales options in Canada and the United States: sale by owner, real estate agent, and private sale to a professional buyer. Each has its pros and cons, so take the time to review other market information before you make your decision and start packing.
There can be more to buying and selling than simply choosing a sales method and going full steam ahead. Market trends, your location, and even interest rates can all be crucial factors to consider to make sure you’re buying and selling in the most appropriate ways for the current market.