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Selling and buying an Edmonton home simultaneously is a tough act to pull off. If youre in this exact same situation, trying to sell your home in order to buy a new one, then we have the perfect piece for you.
Today, wersquo;ll discuss a few ways to prepare yourself for this endeavor.
MAKE TIME
Like any other worthwhile endeavor, simultaneously selling and buying consumes a lot of time. Based from our EDMONTON REAL ESTATE MARKET WEEKLY UPDATE, the weeks covering Jan 21 to Feb 4 2016 showed Average Days of Edmonton homes on Market reached a high of 53. Thatrsquo;s almost 2 months Thatrsquo;s the most likely amount of time it would take to sell your home.
You can read the complete report here: Edmonton Real Estate Market Weekly Update: Jan 21 to Feb 4 2016
With Lonnie plunging and the country experiencing the brunt of the oil crisis, banks and other financial institutions will try to lower their risk exposure on mortgages. This would mean that the chances of getting two mortgages at the same time will be extremely low even if, letrsquo;s say, you have the ldquo;moneyrdquo; to afford it.
You should give yourself enough time to get this thing done. Rushing on your decisions should be the last thing you do.
ldquo;SUBJECT TO FINDING SUITABLE HOUSINGrdquo;
The second thing you need to do is avoid using the above mentioned clause in the fine print. Team Leading Edge recently reported that Edmonton real estate had entered Buyerrsquo;s Market territory.
Read: EDMONTON REAL ESTATE ENTERS BUYERS MARKET
In this situation, there are more inventory for buyers to choose from and using that clause would be shooting yourself in the foot.
It would ultimately waste the time of home buyers, how? Think of it this way. A couple walks-in, likes your home and makes an offer. They then read that yoursquo;re only willing to sell it once you find another home.
What if you havenrsquo;t found a home when they submit their offer?? These people wouldnrsquo;t wait for you
At worst, you may end up making enemies out of it. So, just donrsquo;t.
HOME SALE CONTINGENCY CLAUSE [HSC]
HSC clause according to Investopedia: ldquo;hellip;With a home sale contingency in place, the transaction is dependent (or contingent) upon the sale of the buyerrsquo;s home. If the buyerrsquo;s house sells by the specified date, the contract moves forward; if it doesnrsquo;t sell by the specified date, the contract is terminated.rdquo;
You can read more about it here: Home Sale Contingencies: What Buyers And Sellers Need To Know
The reason we included Home Sale Contingency here is to warn you to simply avoid it. Itrsquo;s going to be a waste of time.
Fact: No sane home seller will wait for you to sell your home-even if wersquo;re in a buyerrsquo;s market.
GAME PLAN
Itrsquo;s all about the game plan my friend. The best way for you to succeed in this endeavor is to use the services of real estate professionals.
There are a lot of real estate companies in Edmonton that would be willing to help you in every step of the way.
Since yoursquo;re already reading this piece, Irsquo;ll make Team Leading Edge as the prime example. Lead by Serge Bourgoin and JP Dumlao, this team of Edmonton real estate specialists have enough experience to assist you in selling your home (fast) and at the same time, help you buy yoursquo;re next home at the best price.
The teamrsquo;s awards and recognition would prove their competency and success rate.
Working with this team is the best game plan you can put on the table.
Itrsquo;s normal to have feelings of doubt. Sure. But you have to understand, every passing moment is crucial, the more time you spend overthinking the process, the more time yoursquo;ll waste.
Work with the professionals. Call the team today. 780-634-8151
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
For more from Team Leading Edge, follow the team on Twitter at @teamleadingedge, subscribe via this RSS feed. Make sure to subscribe to Team Leading Edge daily newsletter on the Edmonton Real Estate market.