Pros and Cons of a Seller's Market in Georgina
Thursday Aug 12th, 2021
There can be a lot of pros to selling your home during a seller's market, but there can be cons as well. Especially if you are trying to buy a new home at the same time.
Pro: higher home prices
Those who are selling in a market without a lot of competition are usually able to get higher prices for their homes.
Con: higher home prices
On the flip side, since many sellers are also looking to buy another property after they sell, the higher home prices could become a disadvantage.
Pro: quicker home sale
In a seller's market, homes don't stay on the market for long. In some cases, a desirable home in a great neighbourhood could sell within the first week.
Con: Fast sales can leave you hanging.
Timing your home sale can be a struggle. There are usually about two months in between the time that you accept an offer on your home and the day that you close the sale. In a seller's market, your home may sell quicker than you expect.
Pro: Favourable negotiating position
When there's a lot of homes on the market, sellers may have to bend to the will of the buyer. They may need to pay for repairs, accept a lower offer, or otherwise agree to unfavourable conditions attached to the sale. In a seller's market, you are in a much better position to negotiate. You may even get multiple offers on your home so you won't feel pressured to give in to the buyer's demands.
Con: Less power when buying
If you are a buyer in a seller's market you may not be in the best position to negotiate.
There's no doubt that you'll have an easier time selling your home during a seller's market, but no matter the market, the right time to sell your home is when you're ready to move.