With low inventory in many markets throughout the city, many homeowners are afraid to sell their homes because they’re concerned that they may not be able to find a new one.
This can be a real problem, but if you are seeking to sell—whether to upgrade, downsize or find a new neighbourhood—there are a few ways to combat the low inventory.
This can be a real problem, but if you are seeking to sell—whether to upgrade, downsize or find a new neighbourhood—there are a few ways to combat the low inventory.
1. Look to buy firstIn most markets it is a real mistake to put your home up for sale before you start looking for your new property.Identify the geographic area where you are interested in buying. Even if you don't see anything on mls (www.findyourproperty.ca), it doesn't mean you can't or won't find the right home.
2. Think outside the boxBe proactive! Keep in mind that there are probably many people like you who want to make a move but are afraid as well. Have your real estate agent (I’ve successfully done this on a few occasions) send a letter to the neighbourhoods in the geographic areas where you want to live. The letter should be heartfelt and personal while announcing that you are ready to buy a home in that neighbourhood. You could find a home to buy that may not even be currently listed or for sale.
3. Protect yourself legallyTalk to your real estate professional about adding a clause in the purchase contract for the home you are selling that will enable you to not sell the home if you cannot find a suitable home to buy.
