Well, the local real estate market is exploding again, with new listings popping up daily, and buyers coming out in droves.
Still thinking of making your move? There are a couple of major considerations. If you’re looking to buy, do you have a house you have to sell? Most sellers, and their agents, are waiting for a non-contingent buyer – one who can buy, without being contingent on the sale of THEIR house.
If you have plenty of equity, you might be able to buy your next home, without making the sale of your present house, a contingency, in that purchase. That makes you a much more desirable candidate for the purchase of a seller’s house. ( They don’t have to be worried about your house falling out of escrow, meaning that your purchase would also probably fall out of escrow.)
I have a couple of lenders I can recommend, if you’ll be needing a loan to make your next purchase. If you can pay with cash on hand, even better
After you’ve opened escrow with your purchase, you can then decide whether you want to sell your present house, or make it a rental home. ( Probably more than covering its payments.)
Selling your present house after buying your next one, solves one typical dilemma where the house you’re buying might need some work done, to make it truly yours, before you move in.
With the hot market we are presently having – which should last through late Summer – your old house will probably go into escrow quickly, allowing you to close a month or two after closing the house you purchased.
Of course you could put your present house on the market first, and get it into escrow, and THEN make an offer on your next property, but what if the one you loved back then, is no longer available?
One solution – also popular in a hotter market – is to either get a longer escrow, from your home’s buyer, OR, close the escrow, having negotiated a rent back agreement from your buyer, to stay in the property – paying rent – for a month or two, until a new property you love, comes on the market. In THIS scenario, you’re now a non-contingent buyer – you already closed escrow, and have cash in hand!
There are plenty of alternatives, and after 41 years of being in local real estate, I’ve done most of them, and can likely find solutions for your home buying or home selling plans.
Why not give me a call, and let’s put our heads together to come up with some options, for you?