Should you sell or buy your home first? Here is how to decide...

Contemplating a move as a homeowner? You've undoubtedly grappled with the age-old conundrum: should you sell your current home before diving into the purchase of a new one, or should you secure your next property first?

The choice you make here is deeply personal, contingent on your individual financial situation, risk tolerance, and the ever-changing dynamics of the housing market. For some, adhering to a strict timeline or budget may lead them to find solace in selling their current abode first. Conversely, those with greater flexibility may opt to procure their new dream home before parting ways with their existing one.

If you're teetering on the fence, uncertain about which path to take, allow us to offer some valuable insights to aid you in this pivotal decision-making process.

Choosing to Buy Your New Home First

For prospective homebuyers in search of a specific property and eager to ensure a predictable moving timeline, acquiring your new home first might be the ideal course of action.

Opting to purchase your next home before selling your current one grants you the luxury of time to explore the market and pinpoint your desired property. This approach is especially beneficial if you have specific preferences like a particular neighborhood, school district, or particular features you're unwilling to compromise on. Once you've successfully secured your new haven, you'll have a firm closing date, simplifying the coordination of your current residence's sale.

However, the primary advantage of buying first comes with a caveat: you'll face a tight timeline to prepare your current home for sale. This means updates, staging, and marketing must occur within a predefined window, which can potentially be quite brief. The downside is that if you can't sell your property swiftly, you might find yourself shouldering the burden of two concurrent mortgages. While bridge financing offers a temporary solution for covering payments on both your new and old homes, it's an expensive option and isn't viable if your property remains unsold.

Buying a new property before selling is most suitable in a seller's market, where demand surpasses supply, increasing your odds of a quick sale. For those constrained by a strict budget and dependent on the sale of their current home to determine their purchasing power, this route is generally inadvisable.

Opting to Sell Your Current Home First

If you're someone who prizes financial certainty and insists on having your current home sold before diving into a new property purchase, then selling your home first is the logical choice.

The most apparent advantage of this approach is that it provides a clear financial picture before you embark on your next property hunt. Once you've sold your home, you'll know precisely when your closing date is and how much you can allocate toward your new abode. This is particularly crucial if you're relying on the capital from the sale of your current property, or if you lack the financial capacity to bridge the gap between the two homes.

However, selling your home first can exert pressure to expedite the purchase of a new residence, especially in markets with limited inventory. In such cases, homeowners might feel compelled to snatch up whatever property is available, potentially compromising their preferences. If your quest involves a highly specific property that demands more time to locate, selling your current home before buying might not be the wisest course. Nevertheless, if you lean toward selling first, it's advisable to have a contingency plan in place in case you can't secure a new home promptly. This might involve temporarily residing with family or friends or arranging for a short-term rental.

Leveraging Your Realtor's Expertise

Whether you ultimately decide to buy or sell first, your trusted real estate agent is a valuable resource who can help you navigate this pivotal decision. They will outline each scenario, assess your unique circumstances, and consider the current market conditions to determine which option aligns best with your goals. Rely on their expertise in deciphering local market trends to guide you toward the most suitable choice.

5 Small Yet Impactful Kitchen Updates You Can Complete in a Weekend

Every now and then, you may look at your kitchen and feel that it needs a facelift to bring it up to speed with current design trends. Thankfully, upgrading your home doesn't have to break the bank, or require a major construction overhaul. Even small updates like switching out cabinet hardware or applying a new coat of paint can make your kitchen feel brand new.

Here are five small yet powerful ways to update your kitchen without spending thousands of dollars.

1. Introduce Open Shelving - Whether you incorporate a single shelf, or two to three levels of shelving - can instantly make your kitchen feel more spacious while providing easy access to everyday items like dishes, cups and seasonings. There are many shelving options to choose from, whether you prefer traditional painted shelves with crown moulding or rustic wooden mantels with metal hardware for a more industrial look.

   Open shelving in the kitchen doesn't need to be reserved for simply practical uses, like storing glassware and plates, either. Get creative with your shelf styling and introduce plants, framed artwork, pottery, decorative ceramics, recipe books and more.

2. Upgrade Your Hardware - Just like your backsplash or countertops, your hardware can have a powerful effect on your kitchen's persona. Updating your cabinet handles, sink faucet, light switch plates and drawer knobs can give your space a whole new vibe, whether you prefer fixtures that are modern and sleek, or timeless and classic.

   When it comes to picking out new cabinet hardware, think about how you use each cupboard or drawer, and decide if handles, knobs or a combination of the two are best for everyday utility. For drawer pulls, the rule of thumb for determining the best size of handle is to choose a pull that is one-third of the length of the drawer. If you are shopping for a new kitchen faucet, consider how your spout's height and reach will measure in comparison to your sink. For consistency, your faucet should match your cabinet hardware with a similar style and finish.

3. Switch Out Your Lighting - The key to great kitchen lighting is a layered approach, with a combination of task, ambient and accent lighting. Save bright task lights like puck or hanging lights for work areas where ample visibility is important, such as over the sink, stove and countertops. Ambient lighting - softer overhead lighting that provides general illumination for the room - can take the form of wall scones, track lighting or chandeliers. For a decorative touch, accent lighting should highlight specific areas of the kitchen, such as backlighting in glass-door cabinets.

4. Freshen Up Your Window Treatments - Window treatments allow you to control the amount of light in your space, and provide an extra layer of privacy from the outside. When choosing a window treatment, consider the ease of which you can lift and lower the shades, as well as how you can clean odours and oils from the curtains.

   If you prefer to stay away from fabrics in your kitchen, opt for vinyl shutters or blinds instead.

5. Amp Up Your Accessory Game

   Updating you accessories can be as simple as swapping out your hand towels, table linens and floor runners, or hanging some kitchen-appropriate artwork on the walls. Introduce a burst of green with plants, or even a potted herb garden for some fresh flavours to add to your dishes. You can also update your small appliances, such as your toaster, kettle, countertop microwave or coffee maker, to add a pop of colour or an eye-catching addition to your stovetop or counters. If you're feeling extra crafty, consider reupholstering the chair cushions in your dining room.

Stabilized July Resale Market Showing Positive Price Gains

Members of the Ottawa Real Estate Board (OREB) sold 1, 263 residential properties in July through the Board's Multiple Listing Service® (MLS®) System, compared with 1, 102 in July 2022, an increase of 15%. July's sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621.

"Both transactions and average prices are up from last July indicating consumers remain confident in the market notwithstanding the two recent quarter-percent interest rate hikes by the Bank of Canada. We're only a month into the third quarter, but based on July's positive indicators, we are likely to see solid year-over-year results in the second half," says Ottawa Real Estate Board (OREB's) President.

By the Numbers- Average Prices*:

The average sale price for a freehold-class property in July was $754,188, an increase of 5% from 2022, and a 1% increase over June 2023 prices.

The average sale price fofr a condominium-class property was $ 435,094 an increase of 2% from a year ago, although 3% lower than June 2023 prices.

6% decrease for condominium-class properties."July's average prices are showing positive gains over last year, and year-to-date numbers, as expected, are still closing the gap from the peak pandemic market activity of early

With year-to-date average sale prices at $735,103 for freeholds and $433,447 for condos, these values represent a 9% decrease over 2022 for freehold-class properties and a 6% decrease for condominium-class properties.

"July's average prices are showing positive gains over last year, and year-to-date numbers, as expected, are still closing the gap from the peak pandemic market activity of early 2022. Additionally, inventory continues to climb steadily as new listings are added to the housing stock, creating more options for homebuyers. August may be a slower month in Ottawa, but I wouldn't take a vacation from shopping for your home."

By the Numbers - Inventory & New Listings:

July's new listings (2,234) were 6% lower than July 2022 (2,364) and down 19% from June 2023 (2,755). The 5-year average for new listings in July is 2,336.

Months of Inventory for the freehold-class properties has decreased to 2.7 months from 2.9 months in July 2022 but increased from 2.1 months in June 2023.

Months of Inventory for condominium-class properties has decreased to 2.3 months from 2.5 months in July 2022, but is up from 1.4 months in June 2023.

Days on market (DOM) for freeholds have increased to 26 days from 20 tys in July 2022 and 23 days fromJune 2023.

Days on market (DOM) for condos have increased to 28 days from 20 days in July 2023 and 27 days in June 2023.

"Although we are in a sellers' market again, the pandemic's frenzy has calmed considerably. Sellers need to manage their expectations with true market activity - not every property will automatically see multiple offers or immediate sales. Ultimately, a property's price is determined by how much a buyer is willing to pay. Using the marketing and negotiation skills of a professional licensed REALTOR® is instrumental for both buyers and sellers in this fluid market.”