Buy or Sell first...that is the question!
What's your Plan B?
You are ready to make a move and you want to buy the perfect home, but unless your home sells for a price you are happy with, you are not willing to move. What do you do?
In a Seller's Market
In a Seller’s Market, it can be difficult. Everything is selling in multiple offers. You think you are in the driver’s seat because your house is going to sell well above asking in 7 days.
Don’t pop the Champagne yet! You may have sold your home and the Buyers gave you everything that you wanted, including a long closing so that you can relax and find the perfect home.
You put in an offer and you lose the house in a bidding war….
You find another house…maybe better than the first.
Your offer loses in a bidding war…
In my career in Real Estate, over the last 12 years, I have seen the market change overnight on three separate occasions. Bidding wars all weekend long and on the Monday, the phone stops ringing the well of buyers runs dry.
In a Buyer's Market
In a Buyer’s Market, it also can be difficult. The buyer, to a point, dictates the selling price and the closing date. They may even have a condition regarding the sale of their own home.
What if you sell your home, firm and you are happy with the price and closing date. In a Buyer’s market, there are lots of homes to chose from, but the nicest ones still go fast and for more and you may be willing to pay and now you might be stuck moving somewhere, just to have a place to live. Dreams of the perfect home vanish.
What do you do?
- considering renting a home for a period of time. If you home sells and you can’t find another home or line up your closing date, a short term rental might be the solution. There are a number of things to consider here, but that will be in another BLOG post.
- purchase first, with a condition that states you have, for example, 30 days to sell your home and if you do not sell in that time frame, your deposit will be returned to you and you are not obligated in any way to purchase that home.
- stay put forever! Never buy or sell again. ;o
This kind of balancing act requires and experienced agent to guide you in the process. They will help you determine what kind of market it truly is (never believe the news) and what the best options are for your specific scenario.
Pro Tip: If you want to buy first with a condition of sale on your offer, your home must be “Sign on the Lawn Ready.” If you happen to find a seller willing to accept a clause on the sale of your home, your home must be on the market within a day or two. Not kidding!
Book a 15 minute consultation to review your specific scenario and see if the market is right for you.
