Here’s how you can buy and sell successfully in this real estate market.
You have the desire to move, but you also have the fear of becoming homeless because the market is so competitive for buyers right now. There is little doubt that you’ll be able to sell your home quickly, but how fast will you be able to find another property? How can you navigate a sale and a purchase at the same time? There are three options that most of our clients choose from:
1. Qualify for a second mortgage and buy first. If you can qualify for two mortgages at once, you have the best of both worlds by purchasing your next home before selling your current one. Not everyone has the financial ability to do this, however.
2. Contingent sale. This is probably the most common strategy. This means you have to sell in order to purchase a new home or make an offer on a new home that is contingent upon your sale. This strategy has been one of our specialties for the past few years.
3. Sell first and pray you find a new home. This is a strategy you can use, but it’s very risky. There are a lot of moving parts, but we can help minimize the stress involved. Often, we can negotiate a rent back so you can stay in your home after you sell, giving you time to find your new home.
The goal with any of these strategies is to avoid a double move, but sometimes it happens. The market is moving pretty quickly, so we do have clients that have used all three options. The first option is ideal, the second one is good, and the third option is very risky.
If you’re thinking about making a move in this market, give us a call or send us an email today, and we can work together to find the right strategy for you. We look forward to hearing from you soon.
