Coming to the decision to sell your house is not a light matter. Is it the best time to do it? Is it a good time to do it? Or is it a poor time to do it?
And even if you decide to sell your home, that’s just the first step! There are STILL so many decisions to be made. Should you use a licensed real estate agent or sell directly to a home buyer? Where will your next home be? At what price do you list your home for sale, whether it’s in Edmonton, Spruce Grove or St Albert, Alberta? It can be overwhelming, but don’t let these follow on questions delay your decision to sell your house. If you’re still struggling with the decision, here are four ways waiting to sell your house in Edmonton will cost you.
Houses are in Demand
Waiting to sell your house in Edmonton will cost you because there are still BUYERS for houses! Our view at Sunrise Home Buyers is that once things open up further, there is likely to be plenty of buying and selling of homes in short order. Many people will need to SELL their homes due to financial pressures, separations, job relocation or a variety of other personal factors. Waiting to list your home until later in the summer could limit your ability to sell. We recommend selling when buyers are wanting to buy and doing it sooner than later. These buyers are looking to BUY and enjoy their new homes for the summer.
Also, mortgage rates are right near an all-time low so now is a great time to put your house up for sale. With the impending market dip due to the Cerveza Sickness, houses will soon be flooding the market, overwhelming the pent up demand. But for right now, there are still many buyers in the market to buy many of the houses for sale.
There are also buyers that have taken a large portion of their money out of the rapidly fluctuating stock market and need to invest it somewhere. One option is real estate. But once these funds are re-allocated, this pool of buyers purchasing real estate will shrink.
If you put your house for sale right now, you will have less competition than if you wait until the market really starts to dip. As restrictions start to ease, buyers will easily find your house in Edmonton if its for sale. But once the downward trend is realized, many sellers will use that as their queue to list their house for sale. That means, the market will soon become flooded and you will have plenty of other competition for buyers in Edmonton. In order to catch the buyer’s attention when the market is heavy with listings, you will have to make sure your curb appeal and all necessary upgrades have been done, and you may have to accept a lower offer than you plan on, just to solidify an interested buyer.
If you wait to sell your house in Edmonton and you start to realize that there is a downward trend in place, the average sales price for your comparable properties will also be less than you were expecting. The most recent statistics for Edmonton indicate that for single family homes, the number of sales have dropped by 55% and prices are down 4.14% (compared to April 2019).
This downward trend will likely affect your sale price and you may even have to accept a lower than market price offer to sell your house. In a buyers market, the buyers have more power in selecting the house they want and are able to make lower offers because they have so many other options. Desperate sellers in markets like these will start accepting the lower offers, which compounds the dip in the housing mark
The most recent real estate statistics in Edmonton indicate a sharp drop in sales and a 4.14% drop in single family home prices.
But its not all doom and gloom! Keep in mind that each property is unique and if yours is priced right and it has many desirable features, it should still sell at a decent price.
The longer you own the property for the year, the higher the percentage of taxes and dues you will owe. The annual taxes on the property are prorated based on how many days out of the year you own it, you will only receive credit for the part of the year you will not own the property. The same goes for homeowners association fees, only the part of the year you do not own the property will get refunded. Then there are the added costs of utilities taxes and insurance. Owning a home is not cheap!