3 options for a seller looking to purchase in a hot market
My client send me a text a few days ago letting me know that they are bit gun shy about selling their home and buying right now. They understand that it is great time to sell and make money on their home. However, the problem this creates is that once they sell, they become the buyers that are are searching for homes that are disappearing within a matter of a few days or possibly hours!
This obviously creates a dilemma for a seller. So what are their options?
A. Step away from the market for a season after selling and rent until the market cools down.
This is very undesirable for most people unless they see themselves relocating out of the area in the foreseeable future. This allows them to take advantage of a hot market and not have to deal with selling when it is time to relocate. This is the least desirable option.
B. Buy a new home.
While the new home market is competitive as well when the market is hot this is one of the more secure ways to make sure they don’t end up homeless after selling.
C. Write a contingent contract based on you finding your next home.
Most contingencies in a contract protect a buyer, but agreeing to an offer on that is contingent upon you selling protects you as a seller if you can’t find your next home. Should you not be able to acquire your next home within the agreed upon time period then you can boot out the buyer for your home and stay put with no penalties.
What has worked well for you when selling and buying your next home? Contact me with any questions that I can help you with!
Written by Jonathan Bunn