It is at this time a great time to list! Inventory is very low particularily in Scarboro South and as a result the selling prices are good. The problem is if you sell where do you go? What if the house you are looking for and the neighbourhood you want it in isn't available? Nobody wants to be homeless.
There are strategies for every situation and this is where your REALTOR can really assist you.
Selling first lets you know the funds you have to work with, avoiding the stress of still having to sell after you purchase. In a balanced market this is the way to go- the chances of you finding the home you want in the time period of 60-90 days is good. However, in a sellers' market the inventory is low and the prices are high. You may not find that home and if you do you will pay market value for it or more. This is key- trade in the same market so you are on the same playing field. Your property sells high and so likely will the one you purchase.
Your Realtor can show you properties and report on the selling prices, well in advance of listing your home. It's a good idea to begin this process a month or two before you plan to sell, while you are getting your home ready. You and your realtor will both get to know:
A. What works for you and what does not.
B. What price point you can expect to pay for your new home
C. What price point you can expect to get for your own home.
D. What your home needs to look like to sell quickly
E. How quickly the inventory is moving, and how quickly you will need to act.
This leaves you open to either option. You will know what you want, and when it appears you are ready to buy with the confidence, realizing that your own will sell. OR You sell with confidence knowing that what you need within reason will likely appear in the market and you have the funds available to purchase. Don't forget your Realtor also has connections for rental properties in the event that you can't find what you want and choose to wait for the right home to come along. Not always the preferred choice, but it can work well. There are plenty of homes even in a low inventory market, just take your time and find the one that fits. It will all work out just fine.