Will I make more money if I wait for Spring market?Posted by Debbie Wilding / February 13th, 2015 / No responses
The third week in February has started the flood of Buyers who are looking for Brampton homes FOR SALE. Low interest rates are keeping the mortgage brokers busy with pre-approvals for Buyers. This flurry in the past week has even caused multiple offer situations on many homes in Brampton and that usually inflates the price and it sells over the list price. The Wilding Team has been part of three multiple offers on three homes in the month of February so if you are thinking of selling your home and buying another home in a higher price range then you have to read on.
You know that you want to do a few things to your house to get the highest price but it is going to take you a couple of months to achieve these changes and in the mean time the house prices are going up so you don’t mind. That is a good thing because you want the most dollars for your present home so you will have more down payment on the next home right? Well give this some thought.
As an example: Your present home is worth $300,000 and the market goes up in value 5% which makes you $15,000 more BUT if the house you are planning to buy is worth $450,000 now and IT goes up the same 5% it will cost you $22,500 more to buy. Now you have to pay $22,500 and you only made $15,000 so it cost you $7500 because you waited and did not put your house on the market now while the Buyers are flooding the market.
NOW think about the renovations or changes you were going to make to get your home ready to put on the market and lets say they cost you $2500 and by the way your house looks great. You spent $2500 on the renovations plus $7500 more for the new house because you waited and that total cost to you is $10,000.
Sometimes waiting is NOT the best thing to do. Talking to The Wilding Team is always the best thing to do. Be prepared, know the facts, have a plan and take action.
Your first action is to call Alison and Debbie Wilding, Sales Representatives at RE/MAX Realty Services Inc. Brokerage 905-456-1000