If you need to sell your current home before you can downsize or move up into a larger one, how do you do so successfully in our extreme seller’s market?
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Right now, we are in a strong seller’s market. The good news is that sellers feel very confident about the current market. The problem is that some sellers say, “I want to sell, but not until I find a home that I want to buy. I don’t want to end up in a home I don’t like or without a home at all.” 

We are in the business of putting people in homes, so how do we solve that in the current market? 

Whether you are downsizing or moving up into a larger home, there are many things we can do to help you find a home in this seller’s market. Ultimately, it depends on your situation and what makes the most sense for you. 

First of all, if you want to buy a house in this market and you have a home to sell, then you have two problems. Some people can buy a house without selling their current one, but most people probably need to use the profits from the sale of their current home to purchase a new one. If that is the case, then you need to get your current home under contract before you buy a new one. 
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You need to have your current home under contract before you find your new home.
”A lot of people will say, “What if there isn’t even a house out there for me to buy? I know you can sell my house, but what about finding a new one?” 

Let’s say you go out and find the perfect home that is priced at $400,000. It’s a great house and it’s priced perfectly. Odds are that other buyers in your market will also be interested in that property. 

Even if you make an offer at or over asking price, your offer will be contingent on selling your current home. That can take days, weeks, or months, so your offer won’t look as strong as the offers from buyers who either already have their current home under contract or don’t have a home to sell in the first place. The seller is more likely to take one of the other offers because you are not in a position to be a strong buyer. 

In short, if you don’t get your home under contract before you try to buy one, then you will be disappointed every time you go out there. 

Now, once you get your home on the market, imagine that five houses that meet your criteria will go on the market over the next month. There are 20 buyers interested in those houses; 15 of them will be disappointed buyers and five will be homeowners. How do we make you one of the five? There are a few different strategies you can choose from:

• Get your home on the market, sell it, pocket the money, and rent temporary housing while you shop for your next home. 

• Sell your current home and arrange for an extended closing. Typically, it takes 45 days to close on a house. You can ask for a 60 or 90-day closing period so that you have more time to shop for homes. 

• Secure a buyer, ask them to close in 60 or 90 days, and ask the buyer for a rent back option. The rent back allows you to live in your current home while you shop for a new one. 

• Put your home on the market and make your sale contingent on the purchase of your next home. In short, the sale depends on whether or not you find another home to buy. You can give yourself 60 or 90 days to shop. If you come up to day 59 and you haven’t found another home yet, you can ask your buyer if they would be willing to stay in the deal to give you more time to find a home. Otherwise, the buyer is allowed to walk away. 

Right now, you are standing on one side of a riverbank and looking across the river to the home you want to move into. We will build you a raft so that you can cross the strong current and find your next home. You will never get to the other side unless you are really committed to selling your home in this market. 

If you have any other questions about navigating this current market, give us a call or send us an email. We would be happy to help you!