Navigating the Seller’s Market: 6 Strategies for Selling and Buying Homes

by | Feb 20, 2024 | Community, Events | 0 comments

In a seller’s market, homeowners face a unique challenge, the value of their homes is at an all-time high, but the competition to buy a new one is fierce. Deciding whether to sell first or buy first requires a strategic approach. Here are six options to consider when navigating the complexities of selling and buying in a seller’s market.

 

Start looking for your new home first:

  • In high-demand markets, homes sell rapidly, making it crucial to explore available options before listing your current home.
  • The One Team with William Raveis Real Estate advises sellers to wait until they find a home they like before listing their property.

Buy before selling in a seller’s market:

  • Consider making a non-contingent offer on a new home to compete effectively.
  • Explore financing options like Bridge Loans to facilitate a smooth transition.
  • Leveraging retirement assets to qualify for financing.

Sell first, but work out a deal with the buyer:

  • Use the seller’s market advantage to negotiate favorable terms with buyers.
  • Request a rent-back agreement for flexibility in staying in your home during the transition.

Make a contingent offer, but make it strong:

  • If unable to secure a Bridge loan, make a contingent offer with attractive terms.
  • Offer a higher price, pay for repairs, and consider waiving inspection and appraisal contingencies.

Turn your home into an investment property:

  • Rent your current home until you find a new one, potentially earning more than your mortgage payment.
  • Be cautious of potential challenges, such as unexpected property expenses.

Don’t buy… for now:

  • Consider moving into a rental property after selling, allowing time to find the right home.
  • Explore short-term corporate housing-style apartments for flexibility.

Conclusion:

While the seller’s market may pose challenges, homeowners can navigate the process successfully by choosing the right strategy. Consult with one of our real estate agents and lenders to determine the best approach that aligns with your homeownership goals.