Move Up – List or Buy First?
It might be time to move up if… you are feeling cramped in a home that was once perfect. Whether you’re having another baby, an older child moving back home, or maybe a parent or other family member is just joining the ranks or you just need more living space because you’re working from home, it may be time to move up.
Here’s a scenario. Over the past couple of years, it’s become apparent that you need a new space and it’s time to move up to a bigger house with a dedicated office, maybe even one with another flex room for homework or a playroom.
The catch is you’re not alone. A lot of people are in the same situation and are looking for the same things, but inventory’s low. Now, that’s a great thing when it comes to selling your house, but not as much fun when you have to find a new one.
Navigating a busy seller’s market with low inventory can be a real challenge. How do you coordinate the selling and the buying at the same time? Should you list first or should you buy a new home first?
I’ve been helping people buy and sell real estate for over 20 years. And I’ve helped many clients navigate successfully in markets similar to the one we’re in now. In a seller’s market, sellers usually won’t accept any contingencies, especially if your current home isn’t even listed yet.
There are some great options for you to keep from becoming homeless though.
One is seller lease back. That means you stay in the house after closing for a negotiated amount of time so you can find and close on a new home. You basically become a renter in your own home.
Extend the Escrow Period
Another option is to extend the escrow period, meaning close in 60 days instead of 30 days to give yourself a little bit more time to find a house.
These ideas can be helpful when strategizing the offer you make on the new house.
If you’re thinking of buying and selling, my team would love to assist you. So just reach out to us for any advice. We’re always here to help.
Keller Williams Premiere Properties
Office: (630) 529-0022
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