Well, here we are again (finally!): Spring has arrived, the snow is melting and buyers and sellers are ready to go! If you are considering a move, you may have some trepidation as you look at statistics and news reports that tell the tale of “no inventory.” For this reason, we are going to reprise a few tips that we sent out around this time last year, as they are very applicable for those of you considering your move this year!
This is a fantastic “opportunity market” for many of you, so do not get frozen in logistics. Let us help! See below for where we start the conversation of “selling then buying” and the give us a call to discuss the details of your situation and to create a plan for success. Here we go:
- Get ready to sell quickly – In this scenario, you have your current home show ready and we have you preapproved to purchase the next home while still owning the current home. If you qualify for this, we write a non-contingent offer to secure the new home and as soon as we have that contract solidified, we list the current property and sell it quickly and we may even be able to coordinate closing dates so that you can access the equity from the first home for the closing on the second!
- Buy first, sell a few days/weeks later – What if you must close on the new home before you can access the equity from the current home? There are mortgage programs that allow you to put a minimum amount down and close on your new home, and will allow you to “recast” the loan, allowing you to put the rest of the down payment into your loan terms to lower the payment and reduce or remove private mortgage insurance. Call us and we will connect you with the right people to discuss this option.
- Sell first and find a home quickly – Many of our clients prefer to sell their current home and ask that the buyer to agree to a longer closing period so they have time to find the next house and close both on the same day. If inventory is not too tight in the location and price point you are looking at, this can be an easy option.
- Sell first, rent, then buy – Sometimes money is tight and inventory is tight and yet you know you want to move. It may be that if you want to net top dollar, a “sell first and short term rental” option might be just the ticket. Though you will have to move twice, this option gives you the freedom to find the right home in your own timing.
When inventory is tight, we must get creative, so call us if you would like to discuss options to make your upcoming move a smooth as possible-we have a team of experts in every area and we are happy to help!