The idea of downsizing can bring up a myriad of emotions and complications. The process itself can be long and involved. But that’s nothing compared to the conflict you feel as you realize you’re about to say goodbye to a home that you have loved. No wonder downsizing is a topic that many people often avoid!
However, moving to a smaller and more convenient home can also offer many benefits in terms of your lifestyle and finances. Then it’s a matter of the market itself. Is it a good time to make this life-altering decision or should you put it off until conditions change? In this post, we’ll talk about whether you should downsize when no one is sure what will happen with the market.
Are you planning to downsize soon or are helping someone who is? Learn about our specialized seniors’ services right here.
Where Are We Now?
Before we go any further, it’s a good idea to take the temperature of the market as it stands right now. Let’s review what types of scenarios you may find yourself in when pondering a move.
- A seller’s market: Conditions lean in favour of the seller, with numerous buyers in the market but not enough listings to choose from. This type of market gives you the best chance for selling at top dollar and in record time.
- A buyer’s market: Many people are trying to sell their homes, but very few people are buying. The buyers in this market have the upper hand and can often negotiate the lowest possible price. In addition, there’s no rush to decide, so buyers will hold out for something just right.
- A balanced market: There are enough homes and enough buyers. This type of market is ideal, but rare.
If the time has come to sell your home, the resources below can guide you through the process:
- Advice For Seniors Selling Their Family Home
- What Are The Fastest Ways To Add Value To Your Home When Selling?
- What to Look For in a Real Estate Agent When Selling Your Home
The Market Always Fluctuates
The question of whether to wait or act now can be tough to answer – because it’s always an uncertain market. No one knows how long the good times will last when housing sales are on fire. And we can’t predict when they will pick up again after a slowdown.
To top it all off, whether the market is “good” depends on what side of the transaction you are on. Typically, seller’s want to sell in a seller’s market, and buyers want to buy in a buyer’s market. There’s nothing surprising about this.
However, most downsizers are both selling and buying. You can almost always count on the market being on your side for one transaction but against you on the other. If you sell when the market is hot, you stand to earn a lot of money on your sale. On the flip side, you can also expect to pay more for your next house or condo.
If you sell during a buyer’s market, it might take longer than you thought, and you may not earn as much as you’d hoped. The good news now is that you also get to buy when prices are low and plenty of options are available. This is why we often say that you shouldn’t worry about which way things are going as long as you buy and sell in the same market.
Downsizing opens up a world of possibilities at any age. The resources below will help you make the most of your experience:
- Why Work with an SRES® Agent as a Senior?
- Essential Decisions to Make Before You Downsize
- Is It Better To Buy Or Rent After Downsizing?
Exceptions and Outliers to Every Rule
Of course, there are exceptions and outliers to every scenario. You may be selling your home and not buying, or buying in a different city where the real estate landscape is entirely different. And in some situations, the market can vary depending on housing structure.
For example, detached houses may be selling like crazy while condos are sitting on the market. If this happens, you can benefit from the best advantages of a seller’s and buyer’s market. Or the reverse may happen. Like we said, the market is unpredictable, which is all the more reason to act when you feel the time is right rather than waiting for things to change.
There’s another way to look at this, too. An uncertain market might actually be the best time to make your move because you’re more likely to plan it out in detail rather than make snap decisions. You can’t control the market, but you can be informed and prepared so you can make the most out of every situation.
Are You Ready?
You should always make the decision to buy or sell a home when you have the knowledge and resources to fully maximize each transaction. For example, if you often find yourself wishing you had more free time and cash to spare, selling your family home in favour of a condo might be the right thing to do. This is especially true if you’re having trouble maintaining the property or even getting up and down the stairs is becoming a challenge.
Alternatively, you might just feel ready. Every situation is different, and there are no answers that work for everyone every time. Before deciding to move on, ask yourself this question: Does the idea of moving feel right? There will always be pros and cons no matter what. A list of benefits that far outweighs the disadvantages is a sure sign that the time has come to make a change.
Planning your next purchase? The posts below can help you make your journey a success:
- Where Is The Best Value In Etobicoke When Buying A Home?
- Can You Still Buy A House In Etobicoke For Under $1 Million?
- What Compromises to Make When Buying A Home
Lean on the Experts
The process of preparing your home to sell while figuring out where you want to go next can seem a little intimidating, especially if you haven’t moved for a long time. The real estate market has also changed drastically over the last few years, which complicates things even further.
A local real estate team that specializes in senior services can help you enjoy a transition with as little stress and as few hiccups as possible. If you want to be more hands-on, we can offer up-to-date guidance and best practices that allow you to maximize the value of your sale and subsequent purchase.
If you prefer a done-for-you experience, the ThompsonSells Team can oversee the entire process from start to finish, including arranging for professional cleaners, contractors, expert stagers and moving services. With a knowledgeable and committed full-service team on your side, downsizing can be far easier and more enjoyable than you realize.
Do you have questions about buying or selling a house in today’s Etobicoke real estate market? We are here to help you every step of the way. Reach out to us today at 647-282-7653 or email contact@thompsonsells.com for more information.
Looking for Help When Downsizing?
Contact us today at 647-282-7653 or email contact@thompsonsells.com to take the next step.
