Although there are some first-time homebuyers, most people buying a home in our market are also selling another home at the same time.
This can be a stressful situation.
Today’s market is really hot and inventory is very low. Some people may be nervous to put their home on the market before they start looking at homes because they are worried they will sell their current home and not have anywhere to go.
On the other hand, some buyers find a house they love and want to make an offer only to realize that they have to sell their home first. There is a bit of a “chicken or the egg” game going on right now because the market is so hot.
So, what do you do? There are a couple of different options.
First of all, you can put your home on the market. When a buyer makes an offer, you can make the sale of your home subject to you purchasing another one. If you can’t find a home quickly, then you’re not going to be left without a home.
“At the end of the day, it all depends on your comfort level.”
You can always gamble and just sell your home and trust that you will find something new.
On the flip side, you can make an offer on a home and make the purchase contingent on the sale of your current home. Since the market is so hot, most people are not willing to make contingent offers. The seller will likely get another offer the next day that is not contingent on the sale of another home.
At the end of the day, it all depends on your comfort level. If you have a home to sell, put it on the market and trust that you will find a new one, or make the sale contingent on the purchase of your next home. That way, you are protected.
If you have any other questions about buying and selling in this hot market, just give me a call or send me an email. If I answer your question with a video, you’ll get a $25 gift card. I look forward to hearing from you!