Maybe you’ve considered moving to a different area of the city, maybe you’ve considered moving cities altogether. Or maybe it’s time to downsize. Whatever the case may be, if you are thinking of selling your home, some important factors may influence your decision. When you sell your Calgary home, you need to consider the state of the real estate market as well as the condition of your home. These factors together will determine how much money you might get for the sale, not including the expenses that come along with selling. To get a better understanding of if now is the right time to sell, get some advice from Calgary Realtor®.
What Realtors® Consider When Selling A Home
Are You Also Buying A Home?
If you’re moving out of your house, you will likely need somewhere to move to. The home you are moving to could determine how beneficial the home sale is. For example, if you are moving up, you may have to pay more for your new home overall, but if you’re downsizing or purchasing a less expensive home, you may come out ahead.
Market Conditions
This is one of the most important determining factors for when you should sell your home. A seller’s market will get you a good price on your home. Market conditions will dictate the potential value of your home, and this market can fluctuate very quickly. At the moment, Calgary is a seller’s market due to a variety of factors, but this may change in several months’ time. The best way to determine when it is best to sell your home is to partner with an experienced Calgary Realtor® who knows the market well and can predict market changes.
The Value Of Your Home
The current value of your home is dependent on a variety of factors: the age of the home, the neighbourhood, what updates you’ve done, the home size and floorplan, and more can all make your home more or less valuable. You likely won’t know the value of your home until you get a comparative market analysis (CMA). This is done by a Realtor® and is based on the current inventory and recent sales in your area. This evaluation will give you better insight into the market and what price you should list your home at if you are ready to sell.
Equity
It is important that you understand how much money you can get from selling your home versus how much will be left outstanding on your mortgage.
Breaking Your Mortgage
You will want to take a close look at your mortgage contract before you sell, as some companies add large fines for breaking your mortgage early. The cost of breaking your mortgage will depend if it’s an open or closed mortgage payment. Breaking a closed mortgage may require a penalty that can cost thousands of dollars. You may also have to pay administration fees, appraisal fees, reinvestment fees, and a mortgage discharge fee for the removal of a charge on your current mortgage and the registration of a new one. If you are buying a new home with the same lender, they often work with you to minimize fees and penalties.
Transaction Costs
These include any expenses involved in the selling process. While some transaction costs will vary greatly from person to person, others are necessary for everyone. For example, you may need to do some renovations and painting before your home is market ready, whereas someone else may need to only stage their home nicely, which will change the expenses going into your home. But everyone needs to hire a lawyer for the sale of their home. Learn more about the role of real estate lawyers by reading What Is The Role Of A Real Estate Lawyer? Do I Really Need One? Other transaction costs can include the cost of movers, your Realtor® commissions, or photography and measurements.
Sell Your Home With A Calgary Realtor®
If you’re considering selling your home, speak to a Calgary Realtor®. Before you decide to sell, a Realtor® can help you decide if now is the right time. Your Calgary real estate agent will be able to help you determine the value of your home based both on the property itself as well as the area and the current market. By working with a Calgary Realtor® who has their finger on the pulse of the Calgary real estate market, you will be able to time your sale for the best price. To work with a team of experienced Calgary Realtors®, contact the Mel Star team at 1-403-861-9944 or fill out the online contact form.
FAQ
Once you’re ready to sell your home, schedule a consultation with a Calgary Realtor® from the Mel Star Team and establish a price.
If you are a potential home buyer, you can view Calgary houses for sale here.
If you’re ready to sell your home, get a home evaluation through the Mel Star team and get your home priced right.
CONTACT US
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