You’ve heard it over and over… you get it! You know it’s a Seller’s Market. You are well aware that inventory is low and the market NEEDS listings. Right? You own your home, you know it is the right time to sell – but you are worried. Because it seems that all you ever hear is how quickly houses are selling and it sounds like the competition for new listings is fierce. Guess what? We (the Real Estate industry) are not doing a good job selling the idea of selling your home right now.
Does this sound like you?
“If I sell my house, and it’s a Seller’s Market – great. Buuuut, in the next breath I am actually a Buyer in said Seller’s Market – soooo then what? Will I be able to find another home? Will I even be able to afford the home I want (if I can find it?) What if I don’t find something before escrow closes? Where will we go? Forget it… we will stay put.”
Those are all very fair, great questions. Let us help ease some of those concerns and start instilling a bit of confidence into our would-be sellers. Here is what you need to keep in mind:
You are likely moving from one price range to another
More often than not, when people own a home and are looking to sell, it’s into a bigger home or a home in a different area that wasn’t an option to you when you first bought your home. Typically, it is the next price range up from what was a starter home.
Right now, here in the Valley, starter homes are selling like hotcakes! Truly – they are oftentimes only on the market for a matter of days. Why is that? Because mortgage rates are so low that many first time buyers see home ownership as a reality. These are the people coming in and snatching up newly listed homes.
If you are looking to sell your starter home and move into your forever home, you aren’t competing for the same homes as many of today’s buyers. Additionally, if you are looking to move from what you thought was your forever home and into a luxury home – this is the perfect time! Luxury listings are not as competitive and low mortgage rates may make this a more viable option for you.
It really is a Seller’s Market, so you can negotiate not only the financial side of the contact, but also the timeline
While the process of being a buyer and a seller does add more moving parts and may make a stressful situation, feel a bit more stressful — it isn’t impossible. With the leverage you will have in the negotiation of the home you are selling, you can make sure you don’t leave yourself out in the cold. You can build in contingencies and/or you can say that you want a longer escrow. There are many ways to get creative with counter offers to make sure you set yourself up for success when you move into the buyers seat.
You can create a solid back-up plan
If things get a little dicey or the timing doesn’t match up perfectly, you should have a back-up plan. While getting ready to list your home, start saving money – ideally, you will have two times your monthly mortgage payment on hand in case you have to carry both homes for a while.
That extra money can also go towards an AirBnB you can stay in temporarily – or you can negotiate a rent back from the people buying your first home. If you can stay with family, that will save you some money and you can put money towards a storage unit until your next home is ready.
Still feel overwhelmed by the what ifs? We got you!
It would be beyond overwhelming and stressful if you were going into this blind and alone, but guess what? You’re not! Hopefully you are working alongside an experienced Real Estate Pro… and if you are reading this on our blog – then we certainly hope it is with one of our experienced agents!
We have worked with many sellers that are also a buyer. We have had to get creative and learn how to make this market work for our clients. We are confident that we can successfully get you from one home to another even in today’s market.
Right now is the best time to sell your home. Period. You are hearing about it all the time because it has never been more true. Even if you do move from the Seller role into the Buyer role – now is still the right time, because with these low interest rates – you will get more home for less money.
While it is clear that this market is a “no-brainer” for Sellers – it’s also great time to jump on the investment and ownership opportunities as a buyer with the rates as they are. Soooo… if you are even the tiniest bit considering selling, reach out to us, and we will set you up with an agent to talk things out and make you feel at ease before you officially enter into the process.