5 Selling Strategies For A Move-Up Buyer In Toronto
Moving up the property ladder is exciting and a fantastic way to create greater wealth. Those Toronto sellers that have become move-up buyers have enjoyed lifestyle improvements, and they have seen huger financial gains in their real estate holdings. There can be many reasons to move up into a larger home or a better neighbourhood. Reasons vary from a growing family, larger income, commuting distance, lifestyle wishes, more land, better amenities, the list goes on!
1. Evaluate Your Current Property
The first step is to have a great listing agent into your home to help determine the current value of your property. Knowing what a buyer would pay today is essential to determine how much equity you can access to afford your next home. Keep in mind that a great realtor will keep you abreast of any market fluctuations that may occur along the way that may impact your next purchase, whether positive or otherwise.
2. Pre-Approval
Assuming that you require financing to move up to the next property, it’s best to either talk to your existing lender or a mortgage broker to determine how much of a mortgage you can confirm. The increased value of your current home will provide more equity, and if you have a higher income and investment holdings, this can be leveraged to make a step up the property ladder in your dream home. Keep in mind that variable mortgage rates can fluctuate in the short term, while fixed rates can provide stability and certainty during the term. Also, have your lender automatically renew your pre-approval rates to ensure that you have the best possible mortgage rates for when the time comes to purchase your move-up home!
3. Set Your Focus
Now is the time to dream while keeping a firm eye on what is realistic after your above, due diligence. Taking the access you wish to leverage and the pre-approval, you will be able to clearly set your buying focus on 1) Neighbourhood; 2) Style of Home; 3) School District; 4) Renovation; 5) Transportation; 6) Lifestyle. All very exciting aspects of the home buying process! Your goals and dreams come into clear focus, and you are prepared for the next step!
4. Be Patient & Be Ready To Strike!
Now it’s time to prepare your home for sale. Have your realtor send in either their designer or home stager to give some guidance early. Begin preparing the house for sale. Paint, declutter, remove access furniture, perhaps a small renovation, whatever the best improvements would be to sell your home. Meanwhile, have your realtor send you appropriate homes that suit your budget and obviously interest! When the right home comes to market, you will be all set and ready to strike and buy your dream move-up home!
How Sellers Can Make The Most Of A Seller’s Real Estate Market
5. Timing To Sell & Buy
As for the timing of selling and buyer? Our number one recommendation is always to have the financing in order and find the house you want. Don’t attempt to market time. It simply may not work. If you currently have a home you like, don’t rush until you find what you love! If the market is a seller’s market, it will likely make the most sense to purchase your move-up home first, then sell your current home afterward, securing your new home. We are happy to explain the process so that it is clear and relatively hassle-free. If the market is a buyer market, you may have more selection and time. No matter what the Toronto real estate market is doing when it comes time to sell and buy your home, we will guide you to be confident in every decision you make along the day! Getting the right selling strategy is essential; start here!
Thankfully if you follow the above 5 selling strategies as a move-up buyer in Toronto, you will best position yourself for a great process and be very happy with the outcome. Contact us now to ask any questions and how you can achieve your real estate dreams as you move up Toronto’s property ladder! Please have a look at what our clients have said of us over the years.
