AGENT LICENSE ID
10505
BROKERAGE LICENSE ID
10505
Lou Salvino
President
Office:
Phone:
Address:
7500 Martin Grove Road, Unit 7, 2nd Floor, Vaughan, Ontario
Move-Up Mistakes
5/10/2012
With interest rates still low, this is a great time to move up in the market. But things are a little more complicated for move-up buyers than first-timers. Below are a few mistakes to avoid as you trade up.
- Depending on market conditions, buying before selling may be ill advised , leaving you burdened with two mortgages, an especially precarious position in buyers' markets. Plus, you may weaken your negotiating position: a seller under deadline may feel pressure to accept a lowball offer; a buyer with a property to sell may be one sellers would rather avoid.
- Failing to establish a contingency plan in the event you can't move straight from one current home into your new one. Have you figured out where you, your pets, and your belongings will stay in the interim? Leave such considerations to the last minute(or forego them altogether), and you may be in for a much more stressful and expensive move than need be.
- Not coordinating your closings. Timing is everything, especially when you're juggling the sale of one property and the purchase of another. There are a lot of people involved in these transactions - appraisers, mortagge consultants, inspectors, etcetera - so work closely with your real estate representative to ensure a smooth transition.
- Failing to price it right, prep it to show, or get pre-approved. Pricing your current home competitively and making sure it shows well is key to selling it more quickly, which is obviously important when you've got another home to buy. And with another home to buy, being pre-approved means you'll have more braganing power with the seller.