Two options for those who need to sell before they can buy.
As you may or may not know, the market has finally started to slow down a bit. Inventory has begun to increase, and multiple-offer situations have slowed down as well. There are also fewer showings per property. These trends have many buyers hopeful that they’re more likely to get an offer with a home sale contingency accepted. However, most homes are still receiving multiple offers, so the likelihood of getting a contingent offer accepted remains low.
If you have a home you need to sell before you can purchase a new one, you have options:
1. Get your home show-ready and list. Talk to an agent about strategies to time your closing dates. In recent months, many sellers have had the luxury of extending closing dates, accepting leaseback agreements, and other flexible options to help ease the pressure while they look for their next home. Remember, as the seller, you control the terms of the offer you accept, and you can negotiate them as they come in.
2. A bridge loan. We have partnered with a few lenders who can help you determine if a bridge loan is right for your situation. With this loan, you can purchase your new home first and then sell your previous home.
These are just two of your options if you need to sell before you buy. If you have any questions or would like to hear other options potentially available to you, give us a call or send an email. We’re here to help.