Lynn's Blog

Is It Time To Sell Your Home During This Frenzied Seller’s Market?

selling your Nanaimo home

With all the market activity going on these days many people are wondering if its time to sell their Nanaimo home.

It is a big decision to sell your home and most people do not make it easily. With the money trading hands in real estate these days it is tempting to many people to consider selling. Before you make your final decision, here are a few things to take into consideration.

It is likely that when you bought your home you sought the help of a mortgage broker to finance your purchase. At the time you needed to qualify to borrow the money and to manage the payments. As part of the pre-approval process the lender considered your income, checked on your credit and analysed your debt load. Now that you are considering selling your house it rests on you to determine the financial risks or gains of such a move.

Additionally, timing your sale is an important consideration. The two most common questions I receive as a Realtor are: “What is my home worth?” And “Is now a good time to sell?”

The answer to the question of timing right now is two part: Yes, the timing is excellent for selling your home if your intention is to take advantage of the increase in real estate values. However, because it is such a strong seller’s market it is important to know where you are going to go once your house sells. After all, in most cases, Seller’s become Buyer’s after they sell their homes. This means that you will likely be participating in competitive offers for the purchase of your next home.

Here are a few things to consider before you list your home in this highly active real estate market.

1. Educate yourself on the current state of the Nanaimo real estate market.

There are several factors to consider when evaluating the health of the local real estate market. These include what is the average days on market for homes like yours, what is the average percentage of asking price being received and what is the average selling price being received. Other things to consider are the number of active listings on the market that would compete with your home. This research will help you decide what your current competition will be like should you list your home now.

2. How healthy is the Nanaimo market?

The pandemic is a worry to many homeowners. This is understandable. There is a strict COVID protocol that Realtors follow when showing homes that include masks, limit to the number of people allowed to attend a showing, hand sanitizer etc. Most Realtors will sit down with their clients to discuss the Covid protocol and the comfort level of the individuals.

3. What needs to be done to get your house ready to list?

It is important to have a good look at your home to determine what needs to be done before listing your home. Does it need any repairs or decluttering? First impressions are especially important if you want to realize the full financial potential of your home.

If you are seriously interested in selling your home now, then your first step will be to contact a seasoned local Realtor who can assist you in reviewing the current state of the Nanaimo real estate market.

Your Realtor will supply you with the current market stats and help you to understand them. Additionally, they will discuss the protocol for showing your home during the pandemic and will supply you with a market valuation for your home.

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