Whether you’ve found the home of your dreams or a career in another city, you’ve decided to sell your home. The sale of every home is different; even when the market conditions are right, the perfect time to sell varies from house to house.
It’s an age-old question: Should you sell your home in BC now? Or wait until the time is right?
We’re giving you a look at what the seller’s market looks like right now in British Columbia. With this information, you can decide if right now is the right time for you. We’ll also provide a few questions you can ask yourself to determine if you should sell your home. Let’s get started:
The Current Real Estate Market
Everyone’s talking about it. Interest rates. As a seller, your main concern is finding a buyer who will pay the right price for your home. But with interest rates rising, buyers are more hesitant to invest in a home.
However, it’s not as straightforward as it may seem.
Homeowners who took out mortgages when interest rates were historically low are starting to feel the burn of the rising rates. They’re selling their homes and looking to buy new ones—which means more buyers to bid on your listing.
As you can see, there are still great opportunities for sellers in today’s market. By working with a realtor, you can capitalize on them.
Fall is adding a crisp scent to the air and an orange tinge to the leaves. Summer is behind us, and winter is fast approaching. So, is fall a good time of year to sell your home?
Here’s an overview of how the market changes during different seasons:
- Spring. When spring arrives, there’s a sense of change and renewal all around you. It’s when many buyers decide to start looking for a new home. Spring is definitely one of the best seasons to sell in.
- Summer. The downside to selling in the summer is that it’s a busy time of year. With summer vacations and the outdoor weather to enjoy, fewer buyers want to move during this time of the year.
- Fall. As summer winds down and kids return to school, fall makes for a great time to sell!
- Winter. Given that Vancouver, British Columbia only sees ~3 inches of snow per year, winter won’t deter too many buyers. Still, home sales tend to be slower during this time of year.
In the real estate industry, they say that timing is everything. And while this is generally true, you don’t always have time on your side. Not everyone can wait until the perfect season to sell. We’re getting into that in the next section:
Most people assume that homeowners decide to sell because the market is right. But in reality, there are many other reasons why you might decide to sell:
- You’re ready to downsize as you get older and your kids move out.
- You’re pursuing a new opportunity in another province or country.
- You need a bigger home as your family grows.
- You’ve found your dream home, and you need to sell your current one.
So, is now the right time for you? Even if it’s not a seller’s market, it’s essential to look beyond current market conditions when you’re thinking of listing your home. Sometimes, life requires that you sell your home as soon as possible—there’s no time to wait!
If you hold off on selling your home until interest rates drop, the weather warms up, or competition falls off, you might miss out on other opportunities. You can’t put your life on hold forever!
Before You Buy
After you sell a home, the next step is finding one to buy. In a buyer’s market, there are a few key advantages.
Given the current market, there will be less competition for available homes, meaning you’re less likely to get caught in a bidding war with multiple offers.
On top of that, you’ll have your pick of homes. When interest rates are low, there is a low supply of homes. But when rates go up, you can take your pick from the available listings. And with less competition, you can secure a lower asking price for the home you’re interested in.
Given that it’s a buyer’s market, that also means it’s a great time to sell your home—you’ll get a better price on the next home you purchase.
But before you buy, ask yourself these questions:
Breaking your mortgage
Market conditions aside, consider the terms of your current mortgage.
How much will it cost you to break your mortgage when you sell your home? Depending on your contract, you could be penalized for it. If the cost of your mortgage negates the profit you could make from a sale, it might be worth waiting until a better time.
The best time to sell in British Columbia is when you can put at least 20% toward the cost of your next home. That way, you won’t need to pay mortgage loan insurance. Depending on the total value of your home, CMHC mortgage insurance can cost tens of thousands of dollars.
Call a Realtor Today!
So, when’s the right time to sell your home?
It’s when you’re ready.
And when you work with a Vancouver real estate agent, that time can be right now.
You can’t wait forever to find the perfect time to sell your home. If you’re ready to sell now, working with an experienced realtor is a great way to get top dollar for your home.
Even when market conditions aren’t optimal, you can get a great asking price for your home with Leo Wilk. Get help through each step of the process to ensure it goes as smoothly as possible. Call Leo Wilk today!