326, 612-500 Country Hills Blvd. N.E.
T3K 5K3, Calgary, Alberta
P: 403-337-8010
F: 403-206-7499
"Advice would be more acceptable if it didn't always conflict with our plans."
Tuesday, November 3, 2009 - Calgary Housing Market Rebound Continues
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The most common question I am being asked lately is "do we sell first and then buy or buy first and then sell? " While I am always being asked this question I think what the real question is "If we sell first, will we be able to find a house we love or are we going to be stuck with settling for something that's just ok". I have always been a careful person. Both with my client's money and my own. Too many times I have seen people sell their house for less than they should because they've purchase another home already. In the last year I've sold a couple of homes that the current listing realtor wasn't able to sell and now the sellers are ünder the gun" to get their house sold because possession is just around the corner on their new house!
I always believe in SELLING FIRST! First of all, you don't know what possession date you need on the house you are buying until you figure out what the possession date will be on the house you currently live in. Secondly, you don't know how much money from the sale of your current house you are going to be putting down toward your next house.
Although the market has picked up a bit in the last year or so, we are still in what I consider to be a buyer's market. Because most people are selling first and then buying, the sellers of the house you are buying know this and they understand if you need a quicker than normal possession. How quick of a possession can one expect when putting in an offer on their next home? 1 month. Usually that's the minimum. If the house is vacant, then obviously the sellers would be delighted for a quick possession... say two weeks? In fact vacant homes are often open to a market where occupied homes cannot go and that is: immediate possession! When the house is vacant, the buyer can opt for a possession date of their choosing. So to summarize: sell first. If you see a house you like and its seller occupied... just ask for the possession date you want... chances are you will get it! If you are a seller and are concerned about selling your house vacant - don't be. Check on the house daily during the winter months to monitor the furnace and hot water tank as well as shovelling the drive way but honestly sellers LOVE vacant houses.
When the market changes and it becomes a seller's market.... I'll let you know. Then you are cosiderably safer to buy first and then sell... but until then... PLAY IT SAFE! Don't get emotional! Sell first. Trust me... I'll find something you love! Dory
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