Ambassador | Maureen Seguin

Here in Vancouver, there was a time when it made sense to sell your house before you bought a new one. There was even a time when you wouldn’t even begin looking at homes to buy until your current home was sold firm. But times have changed.

Now, a lot of people are now doing the opposite and buying a new home before they sell their current one. But is that smart?

Right now, Vancouver real estate is a strong seller’s market, meaning that sellers have the advantage. With low inventory and little competition causing bidding wars for potential buyers, it’s more difficult than ever to purchase a home, and the process will take some time. That means that if you sell your home, and then begin looking for a new home to buy, you could be stuck rushing to find one and making the already overwhelming process even more challenging.

There are some risks.

However, a lot of people have a concerns with carrying 2 mortgages, being stuck renting temporarily, or not having anywhere to live in between sales, and those, of course, are logical concerns for anyone to have, but I’d say that it’s not a concern right now. The thing to know is that your home WILL sell. With an average ‘days on market’ rate of 7 here in Vancouver, your home likely won’t be on the market for long, so in my opinion, it makes sense to buy before you sell.

Do what’s best for you.

Everyone is different though, and some people might not want to take the risk of carrying 2 mortgages. Or, they may have a home with a higher value that might stay on the market for longer than normal. So keep in mind that it always makes sense to check with a professional to figure out the best decision for you and your situation.Ambassador | Maureen Seguin

Maureen Seguin PREC
Century 21 In Town Realty