Paul Wrigley from Ray White Real Estate Toronto comments about buying and selling in the same market.
Some sellers put their plans to sell on hold due to the state of the market when this costs them time and sometimes money. The old saying “if you sell in the same market as you buy, its all relative” is very true. In fact depending on where you are buying you could benefit more by selling for less! One of my clients sold a property for a bit less than they wanted, but they bought a property in a different market which had dropped by a huge amount so they were better off by a long way.
The Market is what the Market is!
When selling what is probably your most valuable asset, the family home, it should come as no surprise that presentation plays a vital role. The person responsible for the presentation of your home is you, just as the agent is responsible for the marketing and negotiation.
Buying a home is an emotional process and the feel of a home is usually more important than the price. Therefore first impressions can create permanent opinions and feelings about the home, so for the best results set a positive mood for prospective buyers. You want buyers to fall in love with your property, so give it that loved look and feel.
When your home presents better than others it will appeal to more buyers and will increase your chances of selling quickly and at a better price.
Once you have presented your home as best you can, you then must select a competent agent, one you can trust to market and negotiate on your behalf. The final price you receive will then be the best available market price.
Neither you nor the agent control the market. The market is what the market is. But you can control the presentation of your home and your agent can control the marketing and negotiate the best price for you. This can mean thousands of dollars in or out of your pocket. A good agent will persuade buyers to inspect your property and to buy it in preference to other properties on the market.
Don’t allow the state of the market to affect your plans either. Some people put their plans on hold waiting for a better market.
But when you are selling and buying at the same time it makes little difference what the market is doing. In a down market you may sell for less but you can also buy for less. If you wait for the market to improve in order to sell for more you will also be paying more when you buy.
Don’t waste your life waiting for a better market, make the move to where you want to be living and get on with your life today.
By Paul Kounnas
As this article suggests, control what you can control. Present your property at its best and choose a highly skilled agent, one that is brilliant at negotiating. Don’t worry about the state of the market. Your reasons for selling need to be considered. If you are selling to move closer to the grandkids you should sell the best you can in order to be with the grandkids sooner rather than later.
To discuss this article please call Paul Wrigley from Ray White Real Estate Toronto on 02 4959 6577.