Putting move plans on hold because you’re not confident that you can find a suitable home to move into? You’re not alone.
We’re seeing this happen across the market with our friends and past clients. Other Realtors in our market center also report that their friends and past clients are waiting for improved inventory before they list their home for sale.
If you need to clear a mortgage loan or need equity from your current home before you can purchase, and insist on waiting to find your next home before bringing your current home to market, chances are overwhelmingly high that you will miss the opportunity to take advantage of this great sellers’ market and current low mortgage interest rates.
If the prevailing sentiment in the market is to wait for new inventory before selling, where will the new inventory come from?
The best answer is really quite simple. We’re in a sellers’ market, right? You can work with your Realtor to negotiate up-front commitments from the buyer of your home to mitigate most of the risks associated with buying and closing on your replacement home. Two simple examples include extended rent-back periods and trigger events that would release earnest money. An experienced agent can craft terms that would mirror terms on both a sale and purchase to protect their client all the way through the process.
The “winners” will be those who seize the opportunities of this market and take action. To the leaders go the spoils. If you would like to discuss more detail, please call us to schedule a time to meet with us.