This is a common concern right now; we’re scared to sell because we also have to turn around and buy. It’s a great time for agents because houses are selling so fast! Hey, wait a minute, not so fast. That’s not necessarily true because inventory is down, competition is extremely high, and a lot of homeowners are in the same situation, scared to sell because they have to turn around and buy. Sure, if you are a seller going to the rental market or moving to a different location altogether, selling is easy. Heck, you practically don’t even have to put a sign in the front yard before the home is sold (as long as it is priced correctly).
But what if you have to buy in the same area? You know it will be easy to sell, but what about buying? It’s exciting to sell at the peak of the market, not so much having to buy as well. So, what do you do?
So, what do you do?
Well, first take a good look at your life 12-24 months from now. Do you need to sell? Do you have to sell? If you are relocating for a job or family status, you really have no choice but to sell. That’s great news unless you have to buy too.
What about profit? How much do you owe on your house vs. how much you’ll actually get when you sell? Will there be enough to make a down payment on a new house? If you’re not sure or you don’t know where you want to buy, talk to me. As a real estate agent in the area, I can help determine the asking price of your home and help you run the numbers to figure out if this is a good move or not.
Chances are, your home will sell fairly quickly. This isn’t a guarantee of course but priced well and if it shows well, you should have some decent offers, maybe even multiple offers, which could increase the sold price.
If your home does sell, you need to be ready to buy quickly. Then comes the question, what to do first? In this hot seller’s market, it would be best to find a home first and sell once you have locked in a contract. If you’re buying and selling with the same agent (which is a great idea if it’s all in the same area), you can plan accordingly and be ready to list and sell fast. Your lender will need to know what’s going on as well so they are prepared to transfer the money when necessary.
Read More: Keys to getting your home sold
But, then comes the issue of what if your home doesn’t sell? You can’t waive the finance contingency and the new deal won’t go through without the old home selling. Also, sellers may not accept your offer if they know you have to sell a house. This is why having an agent that knows how to do simultaneous closings is key. Your agent needs to negotiate a solid offer that the sellers can’t refuse. It can be done.
Don’t be scared, get a great agent. If you need to buy or sell in the Tri-Valley area, call me. I’ve done this hundreds of times and can make it happen. It’s a great time to sell, so don’t miss out!