Buying While You’re Selling
It’s Spring Time!!! Birds are coming home. Families start to come out of the Winter hibernation to enjoy the beautiful weather. Homes are coming on the Market chased by an army of Buyers trying to buy their Forever home.
We continue to be in a Sellers’ Market. A Sellers’ Market is when there are more Buyers than there are homes available to buy. For homeowners, this is like being the “ONE” that everyone wants to take to the Prom. For Buyers, knowing how to adjust to this type of market needs an expert hand to move into your Perfect home. When you are a Seller needing to sell before you Buy; then the strategy to have both transactions successfully close needs to be an orchestrated dance to the finish.
Here are some Tips to when you are Buying while you’re Selling:
Know your Timeframes. Identify when you can list the home. The market here has peaks and valleys too. Putting the home too late in the year may add extra marketing time.
Understand the Market inventory turns. Homes are selling much quicker than ever before. One of my favorite statistics is Days on Market. Determining Days on Market (statistically) helps to identify where our market currently stands.
Price not only your home but the ones you are interested in. In a Sellers’s market, the prices can be all over the board. Zillow is of very little help (in most cases but especially in a transitional time frame). Your best bet is a combination of your research and a Professional Realtor’s market valuation.
You can submit an offer to a Seller BEFORE your home is listed, sells or closed. Both the Buyer and the Seller has equal parts to consider to make the transaction work.
Consider all the potential costs that goes with Buying before you Sell. Contracts taken on a contingency (sale if an outcome occurs with the buyers home) do not naturally delay the escrow process and the steps that involve upfront payments to bring the contract to the closing table.
Getting into a home in a Sellers’ market as a Homeowner takes skill and timing. Understanding all your options is the best solution to achieving your goal.