If you’re like the vast majority of homeowners in today’s market, the prospect of upgrading from your current home and moving into something new creates a chicken-and-egg quandary in which you feel, well, stuck. It’s tough to imagine buying a new home before selling your current one—and even harder to imagine going through the hassle of moving twice, should the sale happen before the purchase.Compounding the agony is the fact that today’s real estate climate is aptly described as a "seller’s market.” Yet if you think you’re without options, you’re likely mistaken. Here are some ideas to run by a trusted real estate agent—you may just find that you do have a readily accessible solution, so what are you waiting for?Double-check your finances and assess your options.If it’s been some time since an expert has looked at your finances, now would be an advantageous opportunity to change that. If you can afford to purchase a second home and can qualify for the necessary lending, it may behoove you to do so. If you have enough money in the bank to pay both mortgages for 6 months, qualification is likely within your reach.
Explore contingencies, if they’re feasible.
Depending on the seller’s situation, it may be that you’re able to buy a new home with the understanding that everything stays on hold until your current home sells. A seasoned real estate expert can not only negotiate such terms on your behalf, but help you understand the likelihood of such a scenario and any implications you must consider.
Consider a rent-back provision.
All this means is that you may be able rent your home once it sells, thus enabling you to sell your current home before purchasing a new one. A great option if it’s available, in that you won’t have to put a strain on your finances or move twice. Again, lean on a professional to properly negotiate this scenario.
Understand the implications of selling first.
Although the notion of moving twice is not exactly a pleasant one, selling your current home before you shop for your next home means knowing precisely how much you can comfortably spend. Perhaps the reduced levels of stress that come with this stable situation will alleviate the pain of figuring out where to live for a month or so. And, perhaps there are better options than you may have imagined—an experienced real estate professional will have guided many clients through a process similar to yours, and will have sound recommendations in the way of storage, short-term rentals, long-terms hotel stays, and the like.
Get an expert’s opinion.
Perhaps the most strategic move you’ll make in the process of purchasing your next home? Consulting with a real estate professional who is both trustworthy and experienced. To ensure you find a quality agent who is up for the challenge, ask them these 15 qualifying questions.Every situation is unique, and while today’s market generally does favor the seller, conditions will vary from zip code to zip code. Contact a First Team Real Estate agent near you today and get acquainted with a qualified expert to ensure you understand every viable option.
.jpg)
.jpg)
