What if I can’t find something that checks every box on my list?
It’s completely normal that a home buyer might have to make some compromises or consider renovations in any home they buy to make it function perfectly for them.
This happens and sometimes you have to recheck those boxes and pick the most important ones to you. You also have to take into consideration what’s realistic within your budget. I want Khloe Kardashian’s house as it checks all my boxes, but I know it’s not realistic for my price range.
When a buyer struggles to find a home that meets all their criteria, we advise prioritizing the list into ‘essential’ and ‘desirable’ features. We focus the search on properties that meet the essential requirements, while offering creative solutions or compromises for the additional desires, ensuring you find a home that fulfills your most important needs.
What if I buy/sell now, but prices drop/rise?
Real estate is cyclical. There’s no ‘right time to buy.’ The main factor is ensuring what you buy is something you’re going to be happy with, whether you have a five or 20-year plan. Everyone’s situation is different—some need to sell in a specific time frame due to many factors. REALTORS® are here to advise you on what could be in your best interests to ensure you’re getting the outcome you’re looking for.
There’s no crystal ball to predict the future market—it’s influenced by various factors. What’s important is whether you’re comfortable buying or selling in the current market. If the timing is good for you and your family, then it’s the right time to make your move. Understanding your comfort level with market fluctuation is important in making informed decisions. Ultimately, this decision to buy or sell should be based on your individual circumstances, financial goals, and understanding current market conditions. REALTORS® and financial advisors can provide some insights into market trends and help you make informed decisions.
What if my home sells before I buy a new one?
There can be both opportunities and challenges to selling your home first. Selling your current home first can give you a better understanding of your financial position, as you’ll know how much equity you have available for your next purchase. As a buyer making an offer without the contingency of needing to sell, you may have stronger negotiating power and a more attractive offer. However, if you sell first you may need to arrange for some temporary housing.
The pressure then is to find a new home, as you have a specific timeline before vacating your current residence. You’ll also need to plan for storage solutions for your belongings during the transition, which could be renting a storage space or finding temporary storage solutions. Communicate with all parties involved, including your REALTOR® and potential buyers/sellers. This way everyone is apprised of timelines and any potential challenges.
If you’re in the process of selling and buying at the same time, it’s a good idea to have a plan in place before even starting the process. In case your home does sell before you find a new one, ask yourself if you’re able to rent or live with family members for a few months. Can you put some of your belongings in storage? Go over your options so you aren’t left in a stressful situation. Best case scenario, everything will line up for you, but you can never know, so plan ahead!
What if I can’t find a home in the neighbourhood I want?
Location is No. 1 when buying a property. If you’re wanting a certain location or area of the city and nothing is becoming available, just be patient.
If a client can’t find a home in their preferred neighbourhood, we’ll suggest exploring similar areas that offer comparable attributes to the neighbourhood the buyer is seeking.