If my new house closed in April 2010, when should I sell my existing house?

[audiorichard]

Hi all,
I just bought a new house, and it will closed in April 2010. So what should I start to look for a real estate agent and start to sell my house? Any idea?
thx

[tjthemanto]

Hi all,
I just bought a new house, and it will closed in April 2010. So what should I start to look for a real estate agent and start to sell my house? Any idea?
thx

Whenever you decide to sell your house make sure your real estate agent or the buyer doesn't know that you have bought a new house & have to move in April 2010 .

Once they know you have a deadline they will try to pressurize you into reducing the price as its very unlikely you will be able to carry 2 mortgages at the same time .

Also remember that your new house might not be ready in April 2010 . If your builder doesn't sell enough houses or there are some other labour issues etc your closing date might be pushed back .

Somewhere in the contract it will say that the project can be delayed by 90 days or more without any compensation awarded to you .

Lot of condo developers are notorious for going well past their promised closing dates , the delays for houses usually don't happen but they can .

[271425]

I would start by tracking all the comparables in your area and keeping close attention to the overall market direction in GTA for resales. Market price is always based on supply and demand, so know what's for sale and what is selling, MLS historical records will show that late winter and early spring are the highest sales.

You can also start readying the house resale with minor repairs and painting and lessening any affects of negatives that may come in negotiations.

[dcaron9999]

In your position, I would start selling now, if you can avoid going through an agent at all, and can handle keeping your house clean and presentable for a couple of weeks while visitors drop by. There are many self-serve web-based, house selling services such as http://www.bytheowner.com/, etc.

I went with this approach when getting my new house built, and sold my old house in 6 weeks, without an agent, and saved thousands on commissions.

My new house closing was delayed by two months, but I had a place to stay until then. My girlfriend and I crashed in with my mother for 7 months. That is how long it took after I signed with my contractor, thye minute I sold my old house.

This way, I had less stress and was able to save away during 7 months.

Anyhow, back to your topic, the freedom you will enjoy not worrying about bridging or having two mortages on your hands is worth the inconvenience of selling early.

Also, with more time on your hands, you will be less tempted of selling your current house short, as the deadline approaches.

My 2 cents ...

[frugalguy]

I sold my house last fall and moved to another city. I had to use bridge financing for about 3 weeks. The cost was quite reasonable so I wouldn't rule out that option if needed.