How To Buy And Sell A Home In A Seller’s Market

by Doug Jones on July 28, 2015

I’ve heard from many buyers and sellers who are ready to move, but in this market they are concerned about putting their home on the market for sale. “What if you sell my home and I can’t find another home? I don’t want to be homeless!”

Here are a few possible solutions for you to consider. I never said they were perfect solutions, just possibilities:

1) Sell your current home, and move into an apartment or short term rental. While not ideal, this gives you the flexibility of selling your current home for top dollar, and looking for that new dream home.

2) Find a new home, make an offer contingent on selling your old home, and then put your old home on the market to sell. Sounds great for you, but put yourself in the seller’s position. Would you really want to accept an offer and take your home off the market for someone who hasn’t even listed their home yet?

3) A version of number two; put your old home on the market, find a new home, and make an offer contingent on selling your old home. Again, see number two and think like a seller. Do you think they will negotiate if your home hasn’t sold yet? It may be possible if your old home is under contract, to make the purchase of the new home contingent on the closing of the old home. Sellers will sometimes look at that solution.

4) Put your home on the market, and make the sale of your old home contingent on finding a new home. In our hot market, this may also work! If you’re not too picky in what you want for your new home, buyers may be willing to wait 2-3 weeks while you find a home. Just make sure the new seller is willing to wait for you and your buyer to close on the old home!

5) Talk to a lender about a bridge loan. With today’s low interest rates, you may be surprised at how much you can qualify for. You may qualify for a new home without selling your old home! You are no longer a contingent buyer and can smirk at any competing offers that do have a contingency.

6) Keep you current home as a rental, and buy your new home. Remember, these are just suggestions. Not everyone is cut out to be a landlord, or to see their old home not taken care of like they did. But it is an option!

7) Pay cash for your new home! Someone has to win the lotto, right? I like to keep all option on the table!

If you have any questions on the buying/selling process, feel free to call or email. I’m always happy to discuss real estate with you.

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