Here are three options if you need to both sell and buy in this market.
You don’t have to be left out in the cold when you sell your home. I’ve spoken to many homeowners who are afraid of being left without a home when they sell in a seller’s market. They’re thinking, “If I sell my house, where am I going to go?” In truth, the process is likely not as stressful as you think.
Here are three strategies we use to ensure our clients aren’t left homeless when they sell:
1. Negotiate an extended closing period. This is the easiest way to give you time to purchase your next home. In our seller’s market, most homes are closing in about 30 days, but because you’re the seller, you’re in the driver’s seat, so we can negotiate to get you more time to search for a new house.
2. Seller leaseback. This option allows you to close on the home, then lease it back from the buyer for 60 to 90 days; the amount of time you can rent back depends on your lender. I like this option because it allows you to stay in your home a bit longer and only move once.
3. Third party. You can use a third party to purchase your next home. I love this option because most of these types of companies will purchase your next home using cash. In a seller’s market, that’s huge. In a seller’s market, we often have multiple offers, and presenting yours as a cash offer heightens your chances of getting it accepted. This comes into play more when looking at homes over $300,000 because it’s rare for a cash offer to come along for a home at that price.
You have options if you need to both sell and buy, so don’t be afraid to put your home on the market. If you’re considering selling and want to explore more options like this to take some of the stress off of you and your family when selling, please give us a call or visit our website. We would love to help you.