𝗙𝗘𝗕𝗥𝗨𝗥𝗔𝗬 𝟮𝟬𝟮𝟮 𝗦𝗧𝗔𝗧𝗦
132 homes SOLD in February
61 homes pending going into March
16 Sold either at list price or over
15 firm sales within the first two weeks of being listed
400 Active Listings
177 New Listings
Average List Price to Sales Price ratio: 97.2%
Average Days on Market: 60
*Based on Fort McMurray, Anzac, Gregoire Lake Estates & Saprea Creek
𝗔𝗥𝗘 𝗬𝗢𝗨 𝗖𝗢𝗡𝗦𝗜𝗗𝗘𝗥𝗜𝗡𝗚 "𝗠𝗢𝗩𝗜𝗡𝗚-𝗨𝗣" 𝗜𝗡𝗧𝗢 𝗬𝗢𝗨𝗥 𝗙𝗢𝗥𝗘𝗩𝗘𝗥 𝗛𝗢𝗠𝗘?
Think back to when you bought your first property. You were likely excited, nervous, filled with pride and crunching numbers to ensure you were confident in your decision. Quite often though, the first home you buy is not the home you plan on staying in forever.
Eventually, for a lot of families, there comes a time when you have outgrown your first home and the thought of more space becomes appealing. Features of your home that may have been a selling feature at one time in your life may not be as functional after time has passed. The basement bar that you were so proud to show off now may be getting in the way of your first borns play room!
If this sounds like you, there are a few strategies to get you where you’d like to be!
𝗦𝗘𝗟𝗟 𝗙𝗜𝗥𝗦𝗧, 𝗕𝗨𝗬 𝗟𝗔𝗧𝗘𝗥
The “Sell First” strategy is by far the least risky. If the thought of carrying two mortgages simultaneously scares you this may be a good option. By selling your current property first, you will not be under strict timelines to obtain a sale and have a bit more freedom to feel out the market conditions. By selling first, you will know exactly how much you will net from the sale before you proceed in purchasing a new property. The downside to this tactic is depending on possession timelines of the new owner, you could need to be out before you have purchased your forever home and will need to find intern accommodations.
𝗕𝗨𝗬 𝗙𝗜𝗥𝗦𝗧, 𝗦𝗘𝗟𝗟 𝗟𝗔𝗧𝗘𝗥
In a hot market where homes are selling faster than the “For Sale” sign hits the lawn, buying first might be the way to go. By buying first you will not feel the need to settle for what limited properties are currently on the market. The move-up buyer still lives in their existing home giving them time to shop around until they find the perfect home they would like to put an offer on. If this sounds appealing, you will need to ensure your financing allows you the option to carry two mortgages or inquire about a bridge mortgage.
𝗕𝗨𝗬 & 𝗦𝗘𝗟𝗟 𝗦𝗜𝗠𝗨𝗟𝗧𝗔𝗡𝗘𝗢𝗨𝗦𝗟𝗬
Aligning the sale of your home and the purchase of a new property can be tricky but not impossible. With this game plan you will want to research the market and become knowledgable about your options on the purchase side. The purchase would be contingent on the sale of your home and the sale of your home would be contingent on an unconditional purchase of the new property. Being flexible in this scenario is key as there will be at least 3 parties involved. Keep in mind, not every seller will accept an offer conditional on the sale of your property. If going into a multiple offer situation on a purchase, this may not be the best strategy.
Deciding what strategy works for you will depend on your individual situation. This is a conversation that we can have where we can weigh the pros and cons of each and assess the risks you are comfortable taking. At the end of the day, ensuring you are able to meet your goals as a move up buyer while minimizing the risk and stress to yourself will be our objective.
If you are in the market to buy and sell, give me a call.
Coldwell Banker Fort McMurray