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This is a real estate question that arises often. We’ll discuss the different scenarios and the people you need to consult to make a seamless transition.
The answer is ultimately yours and depends on many factors: your location, the style of home you currently own, where you’re moving to, and most importantly it’s about your tolerance for uncertainty. Your realtor has the pulse of the market and knows whether it’s a Buyer’s or Seller’s market.
Buying First:
When you buy first, you know what you’re getting, and you can take your time to find the right property. You must be prepared to sell your current home quickly though. In this scenario, your house needs to be sale-ready. We’ll discuss selling your current home in a future article.
Selling First:
When you sell first, you know exactly what your budget to buy will be, and the home sale is behind you. At this point though, you may feel rushed to find the right home without making compromises that are not ideal. Make sure you have a closing date far enough into the future (e.g., 90 days) to give yourself enough time to find another home.
Having a plan B, somewhere to stay in the interim, for example, staying with friends or short- term rental, can relieve the urgency, even if it will involve an additional move.
What should I do to Prepare?
In either scenario, it’s important to get your home showing in its best light for a top dollar sale. The sooner you get this done, the more flexibility you have to act quickly once the right property comes up.
Don’t forget, that as a Seller while you want to get the highest price, so do the Sellers of properties you may be interested in buying. Also, the listing price may be artificially low to entice buyers to view and possibly make an offer on the property. It’s becoming increasingly important to seek the advice of an experienced realtor in the market you wish to buy in (your target market) to give you an expert opinion of what a property will realistically sell for.
Some downsizers have sold their homes for a great price only to find that prices in their target market are now significantly higher than even a year ago. All these factors need to be taken into account. Your realtor can refer you to experienced mortgage brokers and financial specialists who can suggest financial products such as lines of credit and bridge financing to help with the transition from your current home to the next. This should be done before you even start looking.
As well, do advance reconnaissance in the areas under consideration, so you have realistic expectations. As part of our service, whether buying first or selling first, I have many experienced and vetted Buyer agents in to help wherever you choose to live.
There are certainly many paths to success; you just need to be aware of the important considerations and decisions you will need to make to avoid unexpected surprises and to prepare you for this important part of life’s journey.
Next steps:
As always I invite you to call for a free personal consultation. See you here next time. Let’s talk Downsizing!
Client testimonials:
We worked with Luci and Marc to buy our new condo sell our Toronto home. The kids had left and we had been retired for a couple of years. We knew we wanted to simplify and move into a space that would be maintenance free. We always loved the idea of moving into a condo and just spending some real quality time travelling and golfing. We ended up buying a condo in the east end of Toronto with amazing views of the Lake – it’s so amazing we can hardly wait to move in! We actually found Luci online, believe it or not. We called Luci and set an appointment for a consultation. Luci and Marc are a husband-and-wife team and were very professional. We had lots of questions they were able to answer all of them. It was a very good experience. We bought the condo first because we wanted to ensure we had a great place to move to. When it came time to sell the house, Luci brought in the service people we needed to get the house ready for sale. The home was staged, and professional photos were taken. We really liked Luci’s quick and thorough communication. She was always available to take our calls. That was really important to us. We sold in 6 days for top dollar and couldn’t be happier with the entire experience. We would not hesitate to refer Luci and Marc to anyone we know. Thank you Luci and Marc!
Steve and Marilyn C.
I used Luci Rizzo to sell my house in Toronto while I was in BC. Excellent service, she helped with every detail including hiring painters, cleaning services and electrical work. I would highly recommend her.
Olive Spence
In the current overheated real-estate market, Lucy is a trustworthy, transparent, honest and proactive partner of any buyer or seller. Thanks to her ongoing commitment and sound advice, I was able to make a great buy and investment. I recommended Lucy to numerous people and I will always do so because it is really hard to find such a great agent who works hard to help her clients succeed by being there for them during the whole process and beyond. I am really glad that our paths crossed because, in the end, her hard work and dedication had an amazing an positive impact on my quality of life.
Charles Jean Sucsan
I would highly recommend Luci Rizzo for any of your real estate requirements. Luci helped us sell our home and downsize to a condo, which we love! With years of experience in the real estate market Luci is trustworthy, personable, is client focused, she listened to what we wanted, and provided great suggestions and communication throughout the process. Always prepared, Luci offered honest feedback and up-to-date research which enabled us to make the right decisions along the way regarding both selling and buying . We couldn't be happier and would not hesitate to use Luci again when we go to sell our condo.
Lesa Warner
Great overall service and experience! As first-time home buyers in Toronto, my partner and I were very nervous and had innumerable questions. Luci guided us, with patience and expertise, every step of the way. I would definitely recommend Luci and her team to friends and family for any real estate needs!
Mauricio Morales
My husband and I worked with Luci Rizzo and Marc de Bellefeuille recently in looking for our new home. We found them to be consistently professional, helpful and very knowledgeable about both the real estate market in Toronto and also about house construction and design. We started house hunting with little understanding of prices and a stubborn and outdated mindset about real estate values. Luci and Marc took us to upwards of thirty properties and always gave us relevant and helpful information, helping us learn to analyze and understand pricing and home value. Looking back, it is clear that we needed to fundamentally change our understanding before we could make a decision that was right for us. Luci and Marc were never impatient with our naive assessments and when we found a house we loved, they gave us clear analyses to help us make the most rational decision we could. I am so impressed by their expert knowledge of both the Toronto Real Estate market and house values. We found a wonderful house and I am certain it is all down to the expertise of this great team, Luci Rizzo and Marc de Bellefeuille.
Katherine Beattie
Recently, I decided to sell and downsize my semi detached downtown Toronto home. Luci was there for me advising on the whole downsizing procedures and suggesting from her contacts various ways that could ease and expedite getting my home ready for the market. Once my home went on the market, Luci really shined as she dealt with numerous inquiries and requests for showings during a covid19 lockdown. She is a great communicator and we exchanged a number of emails and phone calls daily to keep me in the loop and to ensure every detail had been looked after. I found Luci to be dedicated to helping her clients receive the best possible outcome, detailed and an excellent negotiator.
Linda Sebastian
Luci and Marc made my experience as a first time home buyer as easy as I think it could have been. They were really flexible around my schedule and helped me find the perfect place fast. Any questions I had, they had the answer or knew where to find it. I am hoping not to move for a long time but if I did I would use Luci and Marc again in a heartbeat
Michael Legere
Luci was very patient when helping us purchase our current home. As soon as the purchase was confirmed, Luci came over prepared to discuss details of selling our townhouse. She gave us an estimate of market value of our home and went through her market strategy with us. Our property was listed on MLS the next day. And to our surprise, it was sold in a week at the price we wanted. We couldn’t be happier.
Alistair Chan
I’d recommend Luci for managing a Toronto real estate sale. She’s conscientious and careful. She knew the market and gave us good advice. She managed all the showings, and managed the selling process very well. We benefited from Luci’s professionalism and experience.