Eliminating the Fear Behind Buying AND Selling in Today's Market

In today’s real estate market homes are selling fast, real fast. The challenge many potential home buyers are facing right now is that sellers are getting multiple offers quickly because the inventory of homes on the market is low. This means buyers are facing a market where finding the perfect new home can be a challenge. Many potential buyers find themselves asking a few questions:

• How do I find my perfect home in a low inventory market?

• How do I buy a new house before selling my old one?

• What happens if I sell my home but haven’t found a new one?

• Where can I live after selling my house if I haven’t found the perfect new home?

Buying and selling a home should be an exciting and optimistic experience but the above questions can bring a lot of fear to the process. A low inventory market can magnify those fears especially when the process of moving between selling a house and buying a new one rarely lines up perfectly even in a balanced market. So, what can you do to help alleviate the fear you may be facing before you even begin looking at the current real estate market? We’ve talked to a number of our real estate professionals and this is what they’ve suggested:

Find a good agent

Of course a real estate agent is going to tell you to get an agent, but there is a good reason why. A good real estate agent has made knowing and understanding real estate their profession. They understand the process, the paperwork, and of course the market and its trends. Your agent is constantly scouring the market to help you find your perfect home the second it hits the market. A good agent will be able to evaluate your personal needs and fears and find a creative way for you to get exactly what you’re looking for in the process of buying and selling your house. Most importantly, your agent will be able to show you options or negotiate terms that can get you on the right path to eliminating those fears.

Home buyers contingency

Most buyers are in a position of needing to sell their current home before they can purchase their new home. This can seem like a frightening dilemma, especially in a market with fewer houses being sold. One way to protect yourself as a buyer is to have a Home Buyers Contingency. This allows you as a buyer to make an offer on a new home that is contingent on your current home selling first. This will list the home you made the offer on as “Pending,” which means the sale is pending that your current home sells.

Leverage occupancy

Another option available to give yourself more time to find a home is negotiating a leverage occupancy. Veteran Agent John Delia who has helped over 350 clients purchase in the past 6 years explains, “For example, an agent may negotiate 60 days of occupancy after closing on your current home and work for a closing that takes 40 days from start to finish. This in total will allow a homeowner to stay in their current property for 100 days before needing to hand the keys over to the new homeowner.” An option like this will provide the seller additional time to find their next home. You could potentially get even more time if you’re paying cash.

Housing options

There are a number of housing options available if you need to sell your home before you are able to buy your new home. They may not all be ideal, but a temporary inconvenience could be worth it if it means having the time to find your dream home. These options could include:

• Staying with family or friends - The plus side is that this may be a free option. The downsides could include having to kennel pets, renting storage space for your belongings, or not being able to give a definite length of stay to the accommodating party.

• Short term rentals - This could give you the breathing room you need while you shop the market. A number of short term rentals can be found fully furnished. Rent can be higher for these types of rentals, but having the peace of mind that you’ll find the right place in time can be worth the expense.

• Extended stay hotels - Daily housekeeping, room service, indoor pool and gym could make this option feel more like a vacation than an inconvenience. Although, this probably isn’t the perfect option if you have pets or children.

There are a number of options you have even in the most challenging of housing markets. The best way to eliminate any fears of buying or selling your home is to understand what those options are. We’d love to learn more about what your individual situation is and what your needs are so we can help you understand the current market and let you know what to expect. We have caring, professional agents on our team that make your home journey personal to them. We’d love the opportunity to help you sell your home and find that dream home that you’ve always wanted. ◼