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When Is The Best Time To Sell Your Home?

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When people ask me this question, it's usually not about time: it’s about money! What home seller doesn’t want to stack the odds in their favor to achieve the highest possible sale price? But there are many non-monetary issues that influence when is the best time for you to sell your home.  Could you put a price tag on having your children settled before the school year starts? Do you need to coincide dates of a home purchase and sale together? Is there a baby on the way or an impending wedding date? Consider your situation carefully. The best timing and the best real estate market might be two different things.

If you're planning to sell your home, it's important to evaluate the total financial picture. Just because the market is “hot” may not equal the best financial decision. For example, if you are selling an inexpensive studio apartment to move up to a large, costly family home, you may want to wait until prices have fallen. The comparatively small loss in the sale price of selling your apartment will be more than offset by the large price reduction you can enjoy when buying into a higher price range.

Another consideration: does your financial institution have a hefty  mortgage prepayment policy? In our uncertain economic times it's becoming common for lenders to charge excessive penalties to owners who sell their homes before the term of the mortgage is up. It pays (literally) to do your homework on the actual costs of selling in advance.

A Typical Real Estate Market Cycle

Historically our market cycles every year. Spring is unquestionably the busiest time for home sales, and many sellers wait to list their homes until spring in hopes the busiest market will bring the highest sale price. In turn many buyers wait to start shopping for homes until spring as they anticipate the best selections of homes will be available. There will often be a small influx of listings after the holiday season in January with the spring market kicking off around mid-February, and the busiest part of the market running mid-March through mid-June.

On the other hand, winter is notoriously the slowest market of the year. Very few people choose to list their homes after mid-November, and many home sellers will remove their properties from the market in December to enjoy their holiday season uninterrupted. With thinning inventory, few new listings and few house hunters willing to brave the holiday rush (and slush), prices tend to wane as everyone buckles down for the winter and looks forward to spring.

Whatever your motivation and goals are for selling your home, remember to weigh up all your options carefully. Selling a home is one of the biggest financial decision most people make in their lives!


What Is A Buyer’s Market?

house for sale a The term “Buyers Market” is used to describe the market when conditions are more favorable for home buyers. Conversely, “Seller’s Market” describes conditions that are more favorable for home sellers.

There are no mathematical formulas or hard and fast rules when it comes to determining what makes it a buyer’s or seller’s market. A buyer’s market can be anything from the drastic price reductions we have seen in some parts of the United States, to the faintest slant in the buyer’s favor, more like we are seeing locally: pricing has slightly deviated, the number of sales have decreased and the time on market has increased.

Logically, every home buyer wants to purchase their home in a buyer’s market – but ironically, it’s emotionally harder to do so. When prices are waning and there are so many homes available to choose from, it’s hard for buyers to have the courage to step out and commit. Some wait to see if market prices will come down further or simply become overwhelmed by all the choices.

It’s much easier as a home buyer to get caught up in the excitement of a seller’s market when new home presentation centers are lined up around the block, homes are selling with multiple competing offers, and bidding wars are common. In a seller’s market it seems like everyone is investing in real estate and “sold” signs are everywhere; it just feels counterintuitive to buy when the market is “slow”.

It’s natural to worry about the market falling or that you didn’t negotiate enough to get the very best price, but a buyer’s market really is the most ideal time to buy a home. The key to having the confidence to buy in a buyer’s market is thinking long term. The market typically moves in 5 to 10 year cycles so consider where you plan to be in the future to avoid having to sell your home in a buyer’s market! Evaluate your budget carefully so if prices ease off or remain temperate you don’t have to worry about selling quickly.

The most important thing to remember about a buyer’s market is it gives you as the home buyer the time to think everything through and to truly analyze your needs to make an informed decision – and maybe even find that unbelievably great real estate deal every home buyer dreams of!


Painting to Sell Your Home: How to Choose the Right Colour

paint chips b A fresh, light neutral is always the best choice when painting to maximize your home sale price. To attract today’s buyers, keep the current trends in mind. In the 1990’s, neutrals tended to have a pink hue, in the early 2000’s they moved into the green range, and more recently they have moved into the grey spectrum.  My personal favorite all around neutral right now is ICI Gilded “Pillar”, a modern grey-beige that works well with almost any flooring, and highlights dark woods.

I have also noticed a growing all white trend, which I personally love and have done in my own home. With our bedrooms in a low slung half story, blurring the boundaries between walls and ceiling was the only logical solution. My choice was a classic white: BEHR “Decorator White”, which partners well with other whites without appearing dingy against crisp linens or cold against woods.

Wall colours are greatly affected by the amount and type of available light, so it is important to take home several paint chips and view them in your own home at different times of the day as light conditions change. Natural sunlight or lack thereof is the most important light source to consider. In a room with limited natural sunlight, like a basement or small north facing condo, consider going  a shade lighter than your paint chip; alternatively, in a very sunny south facing high rise with huge floor to ceiling windows, consider going a shade darker.

Paint chip cards generally come in a series with several hues of a colour per card. The best indication of the underlying colour is the darkest shade on the chip. Ever wonder why that little chip looked like the perfect pewter, but once spread over an entire wall turned out to be purple? It’s the underlying colour coming through! Always look at the darkest shade on the chip, then work your way back through the lighter ones.

Whether you are hiring a professional or DIYing, always go the extra step of painting a big test swatch on your wall. Most stores offer small custom mixed sample sized paints, which will cost you a few dollars up front, but is well worth it to see exactly how the shades work on your walls before committing. When you are purchasing sample paints make sure they are in the same sheen as the paint you intend to apply.  Paint sheen will affect the look of the colour -- for example, a matte sheen tends to look darker than the same colour in a semi-gloss. 

For most interior surfaces, eggshell or semi-gloss is generally recommended.  Matte finishes are very trendy but they do show scuff marks more prominently. Remember, there is nothing that changes the mood in the room more quickly than a new coat of paint, so put your home viewers in the buying mood with a simple muted palette where they can easily envision their own personal colour scheme.

Think of repainting to sell your home like creating a blank canvas, or perhaps a base coat for the new owner to fill with their own personal touch once they move in!