When the local real estate market favors buyers, homes can sell quickly and bidding wars are not uncommon. As a home seller, selling during a seller's market may sound great, but when you're also buying a new home to move into, things can get complicated. If you plan to sell your current home and buy a new home when the real estate market favors sellers, use the following tips:
Start Looking for Homes Before You List Your Home for Sale
If the home that you currently own is in good condition and priced right, there is a good chance that it will garner a lot of interest and sell quickly in a hot seller's market. The last thing you want to do is accept an offer on your home and be in escrow without having an idea of where you would like to live after the sale closes. Getting pre-approved for a mortgage and finding homes for sale that meet your needs before you put your home on the market can help ensure that you're not left scrambling at the last minute to find the perfect new home for your family.
Don't Feel Uncomfortable Negotiating Terms with the Buyer
When homes for sale are selling in days or weeks in a hot seller's market, buyers are often excited just to have their offer accepted. In a seller's market, you'll have the upper hand, so you can most likely negotiate favorable terms. If you think you need a little more time to make arrangements to buy a new home or secure a rental until you find the perfect house, you can ask for a longer closing time. In most cases, buyers will not turn you down if you need a closing period that is a couple of weeks longer than the standard period.
Work With a Real Estate Agent That You Trust
Selling your home while looking for a new home to buy can be very stressful, especially in a seller's market where there is a good chance that your home won't stay on the market long. Before you decide to sell your current home and purchase a new one, it is absolutely essential to hire an experienced real estate agent to assist you. Your real estate agent will take care of a number of issues and ensure that your experience is as stress-free as possible. In some cases, real estate agents may also offer a discount on their commissions if they act as both the sellers agent for your current home and a buyers agent.
After thinking long and hard about what to do with my living situation, I finally made the decision that it was time to buy a house. I was tired of living paycheck to paycheck because of rent, so I began working with professionals to guide me in the right financial direction. I was able to find a great company that offered exactly what I wanted to learn, and they walked me through the financial aspects of home ownership. Within a few short months, I was living in a gorgeous new home that I absolutely loved. Check out this blog for great advice on home ownership.