Yes, you absolutely can. However, you should consider the following before you make that decision:

1. The U.S-based National Association of REALTORS® says that in 2020, the average For Sale By Owner (FSBO) home sold for $260, 000, while the average home sold by an agent went for $318, 000.

2. Selling a home is a lot of work and takes time. It would likely require that you leave work to show your home to prospective buyer.

3. Only REALTORS® have access to the Multiple Listings Service (MLS). How will you market your home?

4. Prospective buyers may try to negotiate for a lower sales price, because they know you won’t have a commission to pay.

5. And you may, in fact, still have a commission to pay—to the buyer’s agent—should you sell your home to someone with representation.

The answer to this depends on the market, your personal financial position, and your tolerance for emotional uncertainty.

If you sell first, you will know exactly how much you have to spend on your next home, and you can be more certain about your financing. However, you may not find your dream home before the new owners take possession of your old home. This is especially true in fast-moving markets. Do you have a plan in place?

If you buy first, you’ll be able to focus on finding the home that’s perfect for you, but can you handle the financial implications of not selling your current home in time? Will you lose the financing for your new home? If you do sell, but the closing dates don’t match, will your financial institution offer bridge financing? Can you afford it?

I’d be more than happy to discuss the various scenarios with you, but would stress that the very first thing to do—as always—is to sit down with your financial representative and be absolutely certain of your financial position.

In order to sell your home quickly and for the best price, you’ll want to present it in its best light. The best ways to do this are to:

1. Repair. You’ve been living with that dent in the hallway wall so long that you don’t even see it anymore, but your potential buyer will—and they’ll make assumptions about how well you have taken care of the home based on that. A dripping faucet may indicate to them that you could have let other, more serious, plumbing repairs go untended to as well. Walk around your home and make a list of all the minor repairs you can think of—and then do them.

2. Declutter and depersonalize. Think upscale hotel. Leave only what is necessary or beautiful and take everything else away. There are plenty of storage options available. You want your potential buyer to imagine themselves living in your home—with their things in it—not yours.

3. Clean! Clean everything. Consider hiring a professional service for a one-time clean just before you start showing—and then maintain your home in that condition.

The best way to determine this is to sit down with your financial services representative or a mortgage broker. They will always be happy to meet with you and can give you the most accurate information.

You will need to take into account your deposit (minimum five percent of the purchase price), your mortgage, and your closing costs (these vary, but are typically around two percent).

Generally speaking, mortgage lenders will look at two numbers to determine your mortgage eligibility. The first is your Gross Debt Service (GDS) ratio, and the second is your Total Debt Service (TDS) ratio.

According to the Canadian Mortgage and Housing Corporation (CMHC), your GDS should not exceed 32%. This means that your total monthly housing costs (mortgage, taxes, and heating) should not be greater than 32% of your monthly income.

Your TDS, the total combined monthly debt servicing costs, or the payments you make on all of your combined debt, should not exceed 40% of your monthly income.

CMHC offers a handy calculator here.

The very first thing to do is to contact your financial services provider. They can advise you on how best to save for your downpayment and closing costs, how much you’ll need to save, and how much you’ll be able to mortgage. They can also advise you on government programs, such as the First-Time Homebuyer Incentive.

Once you’ve established your budget, start thinking about what you’re looking for in a home. Make lists of must-haves and must-not-haves, and call or email me to set up an initial meeting!

Each year, the City of Winnipeg issues property assessments in order to determine each property owner’s fair share of the city’s tax bill. The assessed value is the amount that city assessors believe the property could have sold for on April 1, two years prior, and is determined largely by comparing similar properties (rather that having an assessor visit each one). The assessed value is for taxation purposes only.

Market value is the amount a reasonable person would be willing to pay for the property at that moment in time. This number can fluctuate depending on the number of people looking for similar homes in the area, and the number of similar homes available for sale. Market value can be estimated (but never guaranteed) by examining the data from recent sales of similar homes in the area.