Despite hot market, most homeowners hesitant to sell
Although the red-hot real estate market is a seller’s market, those looking to sell their home have had to change their habits.
A new poll by CIBC finds that 62% of homeowners are reluctant to sell due to the high price tag of buying another home.
Tanis Read, President of the Okanagan Mainline Real Estate Board, says it's a concern she's seeing from sellers, in addition to the worry of selling a house without somewhere else to go.
“We’re doing a lot of work ahead of time,” she says “so we’re, as a seller, quite often we’re going out and finding something ahead of time, before we list, knowing that generally when we list, it’ll sell within a reasonable amount of time.”
She says some sellers are having to make sacrifices in order to find a new place they can afford.
“Where they previously may not have wanted to do renovations, they might be having to or they might be going to a different kind of home than they thought they would be going to, that certainly can be, depending on what they’re having to sell and where they’re choosing to move” Read says.
One way sellers can protect themselves is by adding a clause in their agreement that makes the sale subject to them finding a new place.