“The housing market for sellers is great. I could easily sell my house, but then where am I going to go?” This is one of the biggest concerns I hear from clients considering putting their home on the market. The truth is that, yes, selling and buying a home simultaneously is a bigger challenge than just one single transaction. This doesn’t mean, however, that it can’t be done. Keep reading to find out how to buy in a seller’s market.
My first suggestion to clients who want to move is to speak with their mortgage lender. Before we put a plan in place, you need to know your finances. How much can you spend on a new home? Do you need to sell the one you currently own first? What will your new mortgage look like? Having answers to these questions shapes how I, as your Realtor®, will develop our plan.
Once we have answers to those questions, we can determine a plan. Maybe we will find your new home first, write an offer, and get it under contract. Then, we can put your current home on the market. By making sure that your home is looking its best and pricing it accurately, we will be able to find buyers that most likely won’t move in until you are already in your new place.
But what if you have to sell your home first before you can write an offer on another? While timing is crucial in this scenario, it can still be done. Chances are that if you accept a contract on your home, the closing on the home will proceed before you are ready to move into your new home. As a Realtor®, I can help negotiate some additional time in the contract. While buyers aren’t going to want to wait months for you to move into your new home, they may be open to a rent back. A rent back is when you close on the home per the contract. Then, for an agreed upon length of time, you continue to live in the home and pay rent to the new owners. During this time you are renters not owners. After closing on your new home, you can move directly there from the old without having to worry about putting things in storage or staying elsewhere for a few weeks.
While every situation is unique, my goal as a real estate agent is to make your home buying and selling process as seamless as possible. If you are interested in learning more about your home buying or selling options, then contact me at 540-360-5166. I’m happy to make recommendations for you based on your individual situation.
