Selling Water Front

What do you need to know before SELLING your Waterfront Property?

Selling a waterfront property involves considerations that go far beyond the typical real estate transaction. It's important to understand both the legal and environmental factors that may affect the sale. Having a clear understanding of these regulations can help you set an appropriate price and avoid complications during the sale.

 Here are some key factors you should be aware of before selling one of your most valuable assets:

1. Property Value: The market value of waterfront properties can fluctuate significantly based on factors such as location, road and lake access, potential flooding or erosion risks, nearby amenities, and unobstructed water views. The most accurate way to determine value is comparing your property to similar ones in the area that have recently sold. Keep in mind some properties may have been sold privately and not listed on MLS. A local waterfront specialist can help identify these off-market comparables, which could have a significant impact on the true value of your property. 

2. Market Conditions: Waterfront properties have a unique appeal but also attract a narrower market. Its important to understand the demand in your local area and stay informed about the current real estate market conditions. Factors such as economic trends and interest rates can influence the timing and success of selling your waterfront property. 

3. Special Regulations & Zoning: Be knowledgeable of what you are selling. For example, local regulations and zoning by-laws may affect how a buyer can use and/or develop your property. This includes restrictions on severing off a parcel, how close new structures can be built to the shoreline, whether or not the shoreline can be altered, or trees removed and if there are any special development permits required by local authorities. Misleading potential buyers as to what can or cannot be done to your waterfront can lead to some serious consequences.

4. Shoreline Rights: Be aware of the shoreline rights associated with your property. Some waterfront properties have shoreline road allowances where an owner is not allowed to build anything. Other properties (called promenade properties) allow the neighbours to walk along right in front of your cottage or house. This limits one’s privacy and devalues the property. The most valuable property type gives complete ownership right to the shoreline, for full private access and use. 

5. Boundaries/Easements: Ensure that there are no boundary disputes that could complicate the sale. This typically involves access and use of the land or water. This can include: Water access, right of way, utility, conservation or beach access easements. Its crucial to understand any existing easements and how they affect the use of the land.  

8. Timing your Sale: Timing the perfect moment to list your home can be challenging, as there are many factors to consider-- current market conditions, market trends, the time of year, and the presentation of your property. While showcasing your property in the summer allows it to look its best, some buyers prefer to purchase before the season begins to ensure they can enjoy the property during the upcoming summer months. Ultimately, the most important consideration is your own personal timeline and goals for selling. A key step in preparing for a future sale is to take exterior photos and video ahead of time, so when the time to list comes, you'll have marketing materials ready to showcase the property at its best, regardless of the season. 

9. Hiring a Local Expert: Selling a waterfront property requires specialized knowledge. Partner with a real estate agent who specializes in waterfront properties. They can provide you with valuable insights, their marketing expertise, and help you navigate through all the unique challenges associated with the sale of a waterfront property. 

By addressing these considerations, you can be better prepared for the sale of your waterfront property so that potential buyers get all the information they need, while you capture the best return on your waterfront investment.

How do we know what your Waterfront is worth?

The market determines the value of your property, and ultimately, it’s worth what a qualified buyer
is willing to pay. When assessing the value of a waterfront property, we compare it to similar
properties that have recently sold. Key factors to consider include location, size, features,
condition (including recent renovations), market conditions (whether it's a buyer’s or seller’s market),
the neighborhood and community, current interest rates, and the competition—
what other properties are currently for sale.

When is the Best Time to Sell my Home?

To continue on point #8 above. The best time to sell your house depends on several factors,
including market conditions, your personal circumstances, and the type of property you're selling.
Generally, spring and early summer are considered the prime selling seasons, as the weather
is favorable, and buyers are often eager to find a home before the new school year begins.
However, if you’re in a seller’s market—where demand outpaces supply—
it could be a good time to list at any point, as you may be able to attract multiple offers.
Additionally, if your property is a waterfront or seasonal home, timing your sale before peak season
can be beneficial, allowing buyers to envision themselves using the property during the
summer months. Ultimately, the best time to sell is when you’re ready, with your home
properly prepared and priced to meet current market demands. 

If you know you’ll be selling within the next year but aren’t sure of the specifics, getting prepared by taking exterior photos and videos during the property's prime season ensures that when the time comes to list, you’ll have full marketing materials ready to showcase the property at its best.

Understanding Market Conditions: A Seller’s Guide

Real estate markets can typically be classified as seller’s, buyer’s, or balanced, each with its own dynamics and factors to consider. For Sellers, understanding the market conditions is key to making informed decisions.

In a Seller’s Market, demand outweighs supply, often resulting in higher prices and faster sales. As a seller, this is an ideal time to list your property, as you may receive multiple offers and potentially sell at a higher price. Be prepared for a faster sale process, but also expect more competition from buyers, which could lead to quicker negotiations.

In a Buyer’s Market, there’s more inventory than demand, giving buyers greater leverage. Prices are typically lower, and sellers may face longer time on the market. If you’re selling in a buyer’s market, it’s important to price your property competitively and be open to negotiations to attract potential buyers.

In a Balanced Market, supply and demand are fairly equal, creating a more stable environment. Sellers can expect reasonable prices and a steady flow of interested buyers, but there may be less urgency than in a seller’s market. Pricing your property appropriately and presenting it well will help ensure a smooth sale process.

Understanding the current market will help you navigate your purchase with confidence, whether it’s taking advantage of a seller’s market, being strategic in a buyer’s market, or making informed decisions in a balanced market.

Buy or Sell First? Navigating Real Estate Decisions

Deciding whether to buy or sell first in real estate depends on your unique situation and market conditions.

If you're in a Seller’s Market, it may be beneficial to sell first. This allows you to take advantage of higher demand and secure top dollar for your property. Once your home is sold, you’ll have the edge of the funds ready for your next purchase,  as well as giving you a clearer budget .If you're looking for something specific, the benefit of purchasing first is that you've found your dream home and are confident you'll sell quickly. However, the risk is that markets can change rapidly, and you won’t know your final numbers until your current home is sold.

In a Buyer’s Market, purchasing first might not be as urgent since prices are lower and there are more options available. By selling first, you may find it easier to negotiate a favorable deal for your new home, as there’s less competition. You’re also more likely to negotiate a closing date that aligns with the sale of your current property, ensuring a smoother transition. If you decide to purchase first, you’ll need to consider the average days on market for homes in your area and how long it may take to sell your current property. Additionally, consider whether you’ve made a conditional or firm offer, and understand the risks if your home doesn’t sell as quickly as anticipated.

In a Balanced Market, you have more flexibility to choose whether to buy or sell first. With supply and demand in equilibrium, you’re less likely to face intense competition or pressure. If you sell first, you can take your time finding the right home, knowing that you have the flexibility to negotiate both deals. If you choose to buy first, you can secure your new property without feeling rushed, but be mindful of timing your sale to avoid holding two properties for too long. If your purchase is conditional, you risk surpassing your time period and potentially losing the home you wanted. Planning ahead and working with an expert can help ensure a smooth process regardless of the approach you choose.

Ultimately, the decision to buy or sell first should be based on your financial position, market conditions, and personal circumstances. Consulting with a real estate professional can help you weigh the pros and cons to make the best choice for your needs.

How will you market my property?

We utilize a comprehensive marketing strategy to ensure your home stands out in a competitive market. This begins with professional photography and videography including high-quality images, virtual tours and drone shots, to showcase your home in its best light. We also craft compelling property descriptions that highlight your home’s unique features and the lifestyle it offers. To ensure potential buyers clearly understand what your property has to offer. We leverage a combination of online and offline marketing channels. This includes listing your property on MLS and all RE/MAX.com outlets. RE/MAX Luxury and RE/MAX International are two of the largest search platforms in their respective categories, providing exceptional exposure to a wide audience. All social media platforms, both our website and your properties own personal branded website. We create personalized email campaigns to reach a wide pool of potential buyers. Offline, we will host agent and public open houses, private showings, and collaborate with other agents to increase exposure. A skilled agent's goal is to create maximum visibility for your property, attract qualified buyers, and ultimately secure the best possible sale price. 

How to get a FREE Property Valuation Report?  

Click here & Schedule today.