As you probably realize, the Okanagan in general has been in a hot market for a few years now and it doesn’t seem to be slowing down. Homes in desirable areas are selling sometimes before they even hit the market. That brings us to this tough question, “Should I sell my home into a hot market?” It is a question that comes up quite a lot and it doesn’t come with an easy answer.
In this post, I go over the pros and cons of selling your home for a premium into a red hot market like the one we are in now.
PROS
- You can often expect to sell your home for at least full market value.
- You’re home will probably sell much more quickly.
These pros are what peak home-owners’ interest and cause them to ask the question “Should I sell my home now?”. The idea of selling your home for full market value quickly is a dream for any home-owner who is considering a move. However, there are some cons that might make the decision to sell a little bit more complicated.
CONS
- Relocating is more expensive.
- Selling and relocating takes time and energy.
When you sell your home, you need somewhere to live. Whether you decide to buy another home or rent one, you can expect to pay full market value. This is a ‘Catch 22’. Though you are getting more for your home, you are paying more for the substitute. In addition, selling your home and finding a new one takes time and energy.
SUMMARY
In summary, if you are considering moving anyway, it is a great time to sell your home. You will likely get a fantastic price without having to wait months to sell it.
On the other hand, if you’re living in your dream home, it is probably not worth selling to get extra equity out of your property. Sometimes, the comfort of not having to move is worth the money you could have made from capitalizing on this opportunity. However, in many people’s case, a change could be a good thing; especially if that change means putting some money into your savings account.
In regard to relocation options being more expensive, if you are willing to wait and are flexible on which neighborhood you want to move to, there are deals to be found. Timing the sale of your home in sync with finding a great deal is a good way to kill two birds with one stone. Something that I’ve seen clients do is sell their home for top dollar and down-size to something less expensive and simplify their life.
Everybody’s situation is different, if you are considering selling your home soon, give me a call and pick my brain!. I’d be happy to consult with you and help you design a game plan, all commitment-free! Seriously, no pressure, just enjoy talking real estate!
Call me for a “Free Home Evaluation” to see what your home is worth today or “Contact Me” to consult about your property.
???? Jolene Iglesias | REALTOR® in Kelowna
???? 250-212-2477
???? jolenei@royallepage.ca
???? https://linktr.ee/joleneiglesias