Are you thinking of selling your home in Ottawa? Do you need to sell your home quickly? If you feel that you are ready to move on, Paul Rushforth advises, “Don’t wait. Trust your instinct to go ahead and put your property on the housing market.”
But if you’re still not sure about this major life decision, here are 9 signs that it’s time to sell your home.
1. Your Family Is Changing
Change is a fact of family life. Over the years that you’ve been living in your current home, you may have welcomed one or more additions to your household. As a result, more space for all of you, a better school district for your children, or health care for an ageing parent may have become a must.
Or possibly you’re facing the opposite situation — the kids have moved out on their own, and you have no desire to keep up mortgage payments on that large house with the big backyard.
2. Your Work Situation Has Changed
Time was (not so very long ago) that a short commute to work topped many homeowners’ “must-have” lists. Now, however, with so many folks in Ottawa working from home post-pandemic, we’ve developed different priorities.
If you’ve switched to WFH for the long haul, a quieter suburban location with plenty of space for your home office might suddenly look very desirable.
3. You Want To Upsize Or Downsize
After you have been living in your existing home for a while, it may no longer seem to “fit” the way it used to when you first moved in. Maybe there’s been a separation, or perhaps you want to cut down your housing expenses and upkeep — in which case, selling to downsize is the route to take.
On the other hand, you may be leading a more affluent lifestyle– due to a cushy new job, for example — and would like to upsize to your dream home, an upscale residence that will reflect your change in status.
4. You’re Financially Ready
Say you don’t have any large outstanding debts. You have at least enough savings to cover 3-6 months’ worth of expenses. Plus, you’ve built up enough equity in your present home to cover a down payment on your future house purchase, in addition to all the “hidden costs” of a successful housing deal:
- making repairs before putting your current property on the market
- moving expenses
- mortgage prepayment penalty
- fees charged by your agent and lawyer
Accurately calculate your home equity. First, consult an agent to find how much your home is likely to sell for, then subtract the balance left to pay on your mortgage. If it all checks out, you are in an excellent position to sell your home.
5. New Renovations Don’t Add Value
Maybe you feel your present home is not a great fit. You’d like a bigger kitchen, an open floor plan, or a deck. If you plan to sell an older home sometime in the next few years, why not make “some time” now? It’s not worth spending your hard-earned cash on renovations for a home you’ll be putting on the market soon due to several factors:
- you won’t be living there long enough to enjoy the improvements
- renos don’t add value to home prices and your real estate ROI (buyers prefer to do their own renovations to suit their tastes and needs)
- you may renovate beyond the level of the neighbourhood
- it’s better to save your money for upgrades on your next home.
At the same time, general repairs (that leaky faucet or outdated light fixture), fresh paint in a pale neutral colour, cleaning, and decluttering are always worthwhile. So is removing old, worn wall-to-wall carpet, especially if there is hardwood flooring underneath. Tidy up your yard for instant curb appeal… and get ready to sell!
6. It’s A Seller’s Market
In a seller’s market, home inventory is low. Selling prices are high in this type of market — often above the asking price, home sales are moving briskly, and not as much prep work is required to sell your home. A seller’s market is a great time to sell your home fast for top dollar.
7. The Interest Rates Are Low
When combined with a low inventory of homes for sale, low-interest rates will spark increased demand on the part of home buyers. In addition, low mortgage rates mean affordable monthly payments, more potential buyers looking at your property, and possibly multiple offers. BONUS: You are also likely to end up paying lower interest rates when you negotiate a mortgage on your next home.
8. You’ve Done Market Research
Online housing news stories or the experience of your friend who sold two years ago in another city are interesting, but real estate trends tend to be hyper-local and time-sensitive. As a seller, you’ll need to be up to speed on what’s happening in your own Ottawa neighbourhood (like Old Ottawa South and Kanata) right now — how much comparable homes nearby have sold for (the price per square foot is the most accurate measure) in the past year and what kind of demand you are likely to be facing today.
9. You Have An Expert Real Estate Agent
Speaking of “up to speed,” no matter how savvy you are, don’t take the risk of trying to sell your home yourself no matter how savvy you are. To get your house sold quickly and for a great home sales price, an expert local real estate agent is your best bet. That’s because the top real estate agents — like our team at Paul Rushforth — know the Ottawa housing market inside out and up to the minute.
Our experience with large numbers of local buyers, sellers, property listings, and industry contacts has taught us how to market your home in the best way for the best price.
