Three Ways To Ease Your Fears About Making A Move In A Low Inventory Market
Friday Mar 19th, 2021
With low inventory in many markets throughout the country, many homeowners are afraid to sell their homes because they are concerned that they may not be able to find a new one.
This can be a real problem, but if you are seeking to sell—whether to upgrade or find a new neighbourhood—there are a few ways to combat the low inventory.
1. Look to buy first
In most markets it is a real mistake to put your home up for sale before you start looking for your new property. Identify the geographic area where you are interested in buying. Even if you don't see anything on Realtor.ca, it doesn't mean that you can't or won't find the right home.
2. Think outside of the box
Be proactive! Keep in mind that there are probably many people like you who want to make a move but are afraid as well. Have your real estate agent send a letter to the neighbourhoods in the geographic areas where you want to live. The letter should be heartfelt and personal while announcing that you are ready to buy a home in that neighbourhood. You could find a home to buy that may not even be currently listed for sale.
3. Protect yourself legally
Talk to your real estate professional about adding a clause in the purchase contract for the home that you are selling that will enable you to not sell the home if you cannot find a suitable home to buy.