Buying a home is tricky enough in this market, but what if you're among the many people with a house to sell, too? It's a common scenario: you're ready to move on, whether heading to the 'burbs to accommodate a growing family, pursuing a fabulous new job with a different commute, or simply seeking out a change of scenery. Whatever your reason, rest assured you're not alone and have options. In fact, approximately 35% of PHG clients must sell their current property before realizing their dream of a new and improved home.
Sounds stressful, right? Well, we won't lie - it can be a wild ride. Your PHG agents and admin have navigated through this more than a few times, so here are 3 options to make this situation work for you:
1. Close on your current home first, then switch your focus to the new house. We understand that browsing online listings and popping into open houses is fun, and this scenario requires discipline and patience. While it may be tempting to start house hunting immediately, focusing on selling your current property allows you to close one chapter, secure your net proceeds, and prepare financially for your future mortgage. Although this option is often the preferred choice for financial reasons, it does necessitate two moves. Consider exploring short-term rental options or discussing temporary housing arrangements with friends and family.
2. Make your purchase contingent on the sale of your current home. Like the first option, this approach entails selling your current home before buying another. However, suppose you can align the sale and purchase on the same day. In that case, access to your sale proceeds becomes almost immediate, potentially eliminating the need for a double move. While some sellers may be wary of contingent buyers, it's worth noting that specific niche markets still entertain contingent offers—don't rule it out!
3. Negotiate "post-close occupancy" in your contract. In today's market, one of the most underutilized tools for sellers is "post-close occupancy." This arrangement involves closing on your current home and effectively "renting" from your buyers for a specified period, ranging from a few days to several weeks. Doing so gives you access to your proceeds, bolstering your financial position and affording you the time needed to secure a new residence. In this low-inventory, high-demand seller's market, where finding a suitable home may prove challenging, offering post-close occupancy can alleviate numerous concerns and lead to a mutually beneficial outcome for all parties involved.
There's no way around it - moving is complicated, but it doesn't have to be painful. Talk to your favorite PHG agent about options that can help reduce stress and streamline the process so you can focus on what matters most: your family's future.
