The real estate market typically heats up during the spring months. In the past, this means more buyers are looking to purchase properties. But wait a minute! Everyone’s situation is unique. Not all homeowners or home buyers pick the spring to move. Life can throw us curve balls and it does not always go as we hope.
The real estate market is unpredictable and is always changing. Let us just say it sometimes can be unreliable. During the COVID-19 pandemic, it came to an almost halt and rising interest rates have impacted affordability. In Calgary, we are currently experiencing a low listing inventory. What this means is that you need to have a plan of action before you sell your home.
There is a process to selling or buying a home. An important part of the selling process is to know to where you are moving. Find out how much equity you have in your current home. What are your housing options? How much will a new home cost? Will you be able to afford your next home?
It will be a smooth sale ahead if you know where you are going. If you are selling to move to a more suitable property there could be low inventory. You may have to wait until the right property becomes available. In this scenario, seek professional advice. Ask your financial advisor if you can qualify to purchase another property before your existing home has sold.
Are you looking to sell your home and then rent? You will still need a plan. Where do you want to move to? If you require housing in a more supportive environment, you may require a health assessment. Are you downsizing to a private Retirement Residence? It is important to get financial advice from your professional Advisor to discuss costs and your budget.
Perhaps your circumstances require the need to move to more affordable or subsidized housing. There is an application process for this program and guidelines for qualifying. The Seniors Support at Unison has trained staff to help guide you through applying for subsidized housing.
There are steps that must be followed and you must take the time to plan. The best time to make a move is when you know exactly where you are moving to.
