It’s A Seller’s Market Right Now
The property market is very good right now and there’s every chance you stand to make money from your property if you decide to sell. The pandemic put only a temporary damper on the housing market, as the market rebounded robustly, hotter than ever, particularly in 2021. As we’ve rolled into 2022, the market is starting to simmer down just a little but not much. The property market is still extremely good and with careful research you can easily make a tidy amount on the sale of your property.
If you are considering buying another house, a prudent move would be to check the current sale price of the properties around where you live. This is a good indication of what is likely to happen if you do decide to list your home. Your Regina real estate agent can make this easier by performing a CMA (Comparative Market Analysis) for you. They have access to data and analytics on the MLS® system which you don’t.Properties usually stay on the market for a much shorter time than before when prices are high and inventory is low.
Look at the “recently sold” listings in your area to keep track of how much your home may be worth. Doing a quick search on the internet to see how much homes in your area have sold for recently will also give you an idea of what to expect. It may be time to move on if the other houses on your street with the same bedroom/bathroom count are selling for a price that you would be happy with.
Another sign of a hot housing market is that sale prices are much higher than the asking prices. If buyers are offering you a sales price you can’t refuse, the housing market is most definitely a seller’s market.
Are You Financially Stressed?
If you are planning to sell your home, you shouldn’t underestimate the costs involved. Sellers are often unaware of the costs of buying and selling a property, and often do not realize the costs they will incur when selling.
If you are finding your home mortgage is becoming unmanageable, consider selling it. Selling a property is better than struggling with a mortgage debt, and possibly risking foreclosure. Something else to keep in mind is the percentage of your monthly housing costs you should ideally spend on a mortgage. This should not exceed 28% of your gross monthly income when possible, 30% is the very maximum you should allow yourself.
You should also be sure to research if it is possible to find another home to rent or buy at the price you want to sell your current home for, and that you are able to get a loan at current interest rates. The last thing you want is to sell your home and have to move to a less desirable area due to unaffordable selling prices in areas you are looking to move to.
Of course, there are no promises that selling will be better for you in the long run. Selling your home is, above all, a personal decision. Do what will help you live—if not happily ever after—happily for now, and remember, your Regina real estate agent is always there to assist you along the way.
If you need assistance in buying, selling or renting your home, then please feel free to contact me at this link and I will be more than happy to assist you in any way possible.
I am your licensed REALTOR® in the Regina area qualified in Residential, Commercial and Farm Real Estate