Are you a seller looking to upsize or downsize? Our market is not moving in your favor, but there are a couple options you can pursue to find the right home.
Right now in our market, inventory is very low and buyer demand is very high. For sellers looking to upsize or downsize, there’s not much to choose from and homes are selling very fast. If you’re one of these sellers, what are your options? Whichever option you should choose depends on your specific situation.
The first thing I recommend is determining if you can actually purchase a home before you sell your current home. This will alleviate the issue of having to sell your current house, move into something temporary, and wait several weeks or months until you can find something else to purchase.
If you can’t do that, your other option is to put your house on the market, find a buyer to purchase it, and make the sale contingent upon the buyer allowing you to stay in the house and rent it back for however long you need. That way you can close on your house, it would free up your equity and your ability to obtain a new mortgage, and give you time after the close to shop for that new purchase.
A recurrent theme of this topic is making contingent offers to purchase property, meaning that you make an offer to purchase a new property that’s contingent on selling your old property first. In our current market, this option isn’t very popular. It weakens your offer, and sellers would rather pursue offers that aren’t contingent on other properties selling.
There are many options you can pursue, and which one you choose really depends on your specific circumstances and real estate goals. If you have any questions about our market or would like to talk about your situation, feel free to call, text, or email me. I’m happy to help.