Q&A

Do you recall the “LET ME ASK YOU SOMETHING” post? If not, you can find it here.

I received a comment regarding buying & selling in a hot market.

“I’d be curious how one goes about selling their home while searching for a new home in a hot market! It’s been a frustrating process and I fear we will be in limbo if our house sells with no place to go.” -J.P.

This is a GREAT question! Currently in the Apex market it is a booming for sellers. The inventory is low and if your price point is below $300K they are getting scooped up with multiple offers within days {or sometimes….hours}. From a seller point of view, this is fantastic, however if you are both a buyer & a seller it can leave some uneasiness as to where your future residence lies. I currently have clients dealing with a similar concern and here are some options I have discussed with them:

You may put your house on the market after you make an offer on a home, just push for a longer close. In this case, I would encourage 45-60 days out, if possible. This, however, may make your offer for your new home less desirable compared to your competitors, but it gives you….time. To piggy-back on this, traditionally you would make an offer contingent upon the sale of your home. In a hot market, this doesn’t play in your favor depending the circumstance, price point & location. Contingency means, if your sale falls through, so does your purchase. You see how this would be tough to sell to an owner with multiple offers; some with quick closing dates and even cash offers. You can pull the contingency off of your offer, but you need to be qualified financially and assess the salability of your current home. Speak to your agent to see if this is even an option!

Another option is to sell your home with an proposition to temporarily rent your home from the new owners while your new home awaits closing. This may not always be possible, but is a great option for parties who are willing and able. This is a desirable  option to avoid multiple moves! Again, it is not always possible, but a great option in certain circumstances. Discuss this with your agent to make as a part of your offer.

The last option involves a few moves & possibly a storage rental, but it doesn’t have to be a miserable option if you’re flexible. In a hot seller market, it’s not a bad idea to put your house on the market to maximize your financial gain opportunity, where applicable. You may need to go into a short-term rental until you find or build your perfect home. During this time you will have closed on your home and now you are eager and ready to dive into the buyers market without any contingency {& hopefully some money from your sale}

I’m happy to answer any of your questions, so keep them coming!

Happy House Hunting & Selling!

Lisa-Signature

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