When speaking with clients, I often hear the opinion: “the market has hit bottom, selling real estate now isn’t wise, it’s better to wait.”
This certainly makes sense if you’re only looking to sell (and even then, only if you can afford to wait). Selling in a buyer’s market is generally not very pleasant. But typically, isn’t there more involved than just selling?
Let’s consider three main types of real estate transactions:
- Selling without buying (for various reasons, simply disposing of a property).
- Buying without selling (first home or additional investment property).
- Simultaneous selling and buying: selling one property and buying another — possibly due to relocation (selling in one place, buying in another), family expansion (young family, children, etc.), downsizing (children found jobs in other cities and moved away), or other reasons.
Notice that the current market situation (a buyer’s market) primarily complicates things only for the first type of client, those who urgently need to sell.
For those considering only buying, on the contrary, the current situation is very favorable: many options, accommodating sellers, room for negotiation, and other appealing aspects.
For the third and usually most common type of transaction (selling + buying), practically nothing has changed: challenges in selling are typically offset by ease in buying, and vice versa. In a rising market, buying was more difficult (remember multiple offers and “bidding wars”), but selling was simpler. Now the pendulum has swung the other way, yet the overall scenario remains similar: one part of the dual transaction demands effort, while the other looks quite promising.
Today’s conclusion: there is no such thing as bad weather in nature. What is not ideal for one person might be extremely beneficial for another.
It’s easy to get professional advice tailored to your specific situation (whether it’s worth selling, what you could buy instead, or if now is a good time for buying or selling in a particular area): just call me at 416 305 6525. You can listen to insights and advice based on current market conditions, and then make your decisions. All consultations are free.
Serge Skyba
Realtor / Realty 7 Ltd
416 305 6525 / serge@agent1.ca
