Decide When to Sell


Seller’s market

When lots of people are looking for homes but not many are for sale.

Buyer’s market
When there are lots of homes for sale and not many people buying them.

Seasonality

This refers to the fact winter sales tend to be slower in most markets while spring sales typically speed up.

Managing Your Money

 

Before the offers start rolling in, be prepared for the large amounts of money that will pass through your hands. However, don’t forget to take these things into consideration:

Discharge mortgage
This refers to using the proceeds from the sale of your home to discharge or pay off your current mortgage. In an open mortgage, you can pay it all off without any penalties. If you have a closed mortgage, be prepared to pay a penalty.

Portable mortgage

A portable mortgage means you can take your mortgage money with you and buy a new home, without penalty.

Capital gains tax

If you had tenants living in part of your home, such as the basement, you’ll pay capital gains tax on a portion of your profits. You may also owe capital gains tax if you’re selling a vacation or investment property.

Always consult a professional financial advisor before making personal financial decisions.

Meet a REALTOR® Who’s Right For You


Don’t simply go with the first REALTOR® who suggests the highest asking price. Ask around, talk to a few, and you’ll soon find the one that’s right for you.

The REALTOR® you’ve used before

Sticking with a REALTOR® you know makes sense. If your REALTOR® did a good job helping you buy your home, he or she is probably a good candidate for helping you sell it.

Think local

Write down the names and numbers of REALTORS® on for sale signs. Ask friends or family to recommend a REALTOR®. Visit one of the local real estate offices in your area.

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