Go Back   BuildingHomes.ca - Building your community! > Ontario > Ottawa

Ottawa For those in Ottawa, Kanata, Stittsville, Orleans, Nepean. Mattamy, Minto, Bridlewood, Cardel, Claridge, Braebury, Monarch, Barrhaven, Half Moon Bay, Fairwinds, Findlay Creek, Notting Hill, West Pointe, Stonebridge, Edinburgh Common, Uniform at Orchard-Stonebridge-Barrhaven and more!


Reply
 
Thread Tools Display Modes
  #1  
Old 2009-09-13, 03:44 PM
Beerboy Beerboy is offline
Junior Member
Regular User
 
Join Date: Jul 2009
Location: Ontario/Ottawa
Posts: 27
Default When do I put my house on the market?

Hello,

Our expected move in date is March 23rd, 2010. It's a new house.

How many months in advance should I put it on the market if I don't know if the construction will be delayed or not. I'm thinking January 1, 2010, because our builder is supposed to tell us on Dec. 23rd if they expect any delays. My current home is very nice considering the neighborhood I live in, Vanier or what I like to call it "Rockcliff South", or "Beechwood Village". Just kidding, it makes it sound better. I am planning to sell it on Grapevine, and will be flexible with my price since I would like to sell fast, and not stress about it. We have a baby on the way in 18 days, give or take, and I don't want to be stuck with two houses next year.

If I put it on the market today, can I give a closing date for May 1st, 2010 or is that just way to far?

Any advice is appreciated

Thanks,
Reply With Quote
  #2  
Old 2009-09-13, 03:49 PM
Fingers Fingers is offline
Senior Member
Regular User
 
Join Date: May 2008
Location: Ottawa, Ontario
Posts: 1,133
Default

The timing is pretty bad. I'd say 3 months is a reasonable amount of time to be safe, but that puts you into end of December -- and the holiday season isnt a crowd favourite for home purchases.
Reply With Quote
  #3  
Old 2009-09-13, 03:57 PM
Shan1214 Shan1214 is offline
Senior Member
Regular User
 
Join Date: Apr 2009
Location: Half Moon Bay
Posts: 405
Default

I have a friend who is in a similar situation. He's closing in / around the same time as Beerboy and he's considering selling in the summer / fall and living with his parents (with his wife and child) for the remainder until his new place is built. You might consider a short term rental or something like that.
Reply With Quote
  #4  
Old 2009-09-13, 07:10 PM
BCN BCN is offline
Senior Member
Regular User
 
Join Date: May 2009
Location: Kanata
Posts: 324
Default

I put my place on the market 6 months before closing on my new house. I wanted to have ample time to sell it on my terms. The last thing you want is to be holding 2 mortgages, and be in a position that you will take any low ball offers just to get rid of the house. If your house doesn't sell in the first month, it will likely take several months. Grapevine is very effective, BTW.

May 1st is not to far away IMO.
Reply With Quote
  #5  
Old 2009-09-13, 07:26 PM
Beerboy Beerboy is offline
Junior Member
Regular User
 
Join Date: Jul 2009
Location: Ontario/Ottawa
Posts: 27
Default

Thanks Everybody...

I know the timing is bad, and my wife won't entertain the thought of us living with our parents/in-laws, so those things make it trickier.

BCN,
I hope I get more posts with your comments, if more people are willing to accept a 6 month closing, then I might just post it by the end of this month, and see what happens...

Cheers,

Beerboy
Reply With Quote
  #6  
Old 2009-09-13, 08:04 PM
PJD PJD is offline
Senior Member
Regular User
 
Join Date: Jun 2009
Location: Stouffville
Posts: 1,968
Default

I admit I don't know the Ottawa market, I know the Toronto market. But if I were you I would ask the opinion of a real estate agent. They will come to your house and give you their opinion. They can tell if your house will be an easy sell or not and they know the market in your area etc.

For myself, I will list about 2-3 months before my move-in date if I don't get delayed by the builder because then I know that if they delay me last minute it shouldn't be for too long. I think to expect people to wait 6-8 months (May) for a closing date on resale is unreasonable. Most people want a 2 month closing on resale, they may be willing to wait 3 if their circumstances allow for it, but don't hold your breath with the 6-8 months if you were to list now. It's up to you but I am just being realistic.
Reply With Quote
  #7  
Old 2009-09-14, 08:41 AM
golfer golfer is offline
Senior Member
Regular User
 
Join Date: Jan 2008
Posts: 530
Default

Quote:
Originally Posted by Beerboy View Post
Our expected move in date is March 23rd, 2010.
...will be flexible with my price since I would like to sell fast, and not stress about it. We have a baby on the way in 18 days, give or take, and I don't want to be stuck with two houses next year..
Any advice is appreciated
Grapevine is great, however, given your statement above, I would suggest using a realtor which would help alleviate some stress.
Reply With Quote
  #8  
Old 2009-09-14, 09:13 AM
ronnie ronnie is offline
Junior Member
Regular User
 
Join Date: Jan 2009
Location: Half Moon Bay Barrhaven
Posts: 25
Default

[QUOTE=Beerboy;108938]Hello,

My current home is very nice considering the neighborhood I live in, Vanier or what I like to call it "Rockcliff South", or "Beechwood Village". Just kidding, it makes it sound better.

If I put it on the market today, can I give a closing date for May 1st, 2010 or is that just way to far?


I currently live in this neighbourhood as well and sold my house on the first day to the first couple who came to see it. We sold it at the the beginning of August with a closing date of Dec. 15. If someone really wants to buy your house, they will give you the closing date you want.
Reply With Quote
  #9  
Old 2009-09-14, 10:53 AM
ottawa.insider ottawa.insider is offline
Member
Regular User
 
Join Date: Aug 2009
Location: Richmond
Posts: 42
Default

We put our house on the market 6 months before our closing because we didn't want to chance paying for two morgages and we have no family to consider moving in with. Our house sold in 3 days for the price we wanted. We used a real estate agent who has his own real estate company, had amazing rates and was an a pleasure to work with.
Reply With Quote
  #10  
Old 2009-09-14, 11:17 AM
PJD PJD is offline
Senior Member
Regular User
 
Join Date: Jun 2009
Location: Stouffville
Posts: 1,968
Default

Well then, I stand corrected. This gives me hope for when I sell my place. However, the reality is that it depends on who you sell to. If they're first time homebuyers - no problem, but if they too have sold their home with a 2 month closing, that can cause a problem. They'd have to want your place real bad to put their stuff in storage & find a place to live while they wait for you to move. Unless their buyers are willing to move back the closing date. It's a domino effect.

On the other hand, I suppose if you have lots of time to sell, you too can wait for the right buyer that will accept your terms. But doing that is more stressful, unless you are sure to have multiple buyers interested in your place.
Reply With Quote
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Is this is a trouble market?? YukonA180 Burlington 83 2009-03-26 10:44 PM
House market trend in Milton? chrisxliu Milton 3 2008-04-30 01:13 PM
How is the house market now? Anybody feels the recession recently? Elmst200 Real Estate Questions 7 2008-04-02 09:22 AM
House market Alzee Real Estate Questions 4 2006-11-22 02:04 PM
When do you plan on putting your current house on the market? Buffy Ottawa 1 2006-10-05 01:36 PM



All times are GMT -4. The time now is 01:24 AM.



Copyright © PHAND Corporation
This document may not be used elsewhere without the expressed written consent of PHAND Corporation.
*** There is no association between this website and any builder. ***

Powered by vBulletin® Version 3.8.10
Copyright ©2000 - 2021, vBulletin Solutions, Inc.