Here’s how you can both buy and sell in today’s hot real estate market.
What should you do if you need to both buy and sell in the current hot real estate market? We used to call that a contingency, where you would buy the house you wanted contingent upon the sale of your current home. Then both would go under contract and close simultaneously. However, in our present super-hot seller’s market, it’s not that easy.
Right now, your best leverage is to buy the house you want first, then sell your current property second. Your home will probably sell for much more than you think. The best way to sell is if you can be out of the house during the process, either temporarily or permanently.
People often say that they don’t want to make payments on two homes, and I get that. However, you pay in arrears in real estate, which means you won’t make your first payment on your new house until 30 to 45 days afterward. We’ve been very successful in getting the first house sold within that time frame, and most of our clients don’t have to make double payments.
If you’re considering buying, you need to ask yourself how motivated you are. This is a difficult market for buyers; are you willing to possibly live with relatives or friends for a little while to be able to buy the home you truly want? If so, then we can help make it happen.
This is simply not a market for for-sale-by-owner homes—there are just way too many moving parts. You need experienced representation throughout the process.
Can you buy without selling? You may say no way, but are you sure? You might have talked to a lender, but have you talked to our lender? If not, we need to get you in contact with them, just to be sure.
If you have any questions about buying or selling or want to get in contact with our lender, don’t hesitate to call, text, or email us. There’s no cost for our advice, and we would love to be your real estate resource.