Selling when Buying

Gary Kelley, Realtor – I’m often asked how someone can sell their home and buy another without ending up with no place to live.  Sometimes it involves renting somewhere affording the seller time to “test drive” an area. Alas, this does take two moves, and some don’t want to be bothered moving twice.  This leaves you, as the seller, with two general options: “Get ready and wait” or “Use contracts for protection”.

In the first option, you are trying to get ready to immediately put your house on the market when you find a home.  You’ve done everything to get ready!  You’ve decluttered, staged, gotten the pictures…everything except posting to the MLS.  If needed, you’ve got a preapproval in place for a purchase…knowing my preference for a local knowledgeable lender.  You are positioning yourself to the seller of your next home as serious and ready to move forward.

The second option has you listing the house, baking in protections.  For example, disclosing in the MLS the sale is subject to you closing on suitable housing, or saying you prefer to close X months out (where you pick X), offering to rent back the house, etc.  While not as conservative as not listing the house, you do have the benefit of knowing your proceeds from the sale.  That’s especially important in this market where houses often sell over asking.  (Make sure your desires are reflected in the offer…as input to the purchase and sale agreement.  You don’t want to lose sight of this in the excitement.)

Here’s the point.  Available inventory is very low in this market…houses are getting snapped up as quickly as they come on the market.  Some want to cash in on the high values….and I’d point out anything being purchased likely is high as well.  I don’t perceive a bursting bubble like we had in 2008-2009 because of the amount of equity in most homes.

That said, every day someone needs to buy or sell, and you don’t need to be frozen in place.  A Realtor ® can help you with a winning deal structure, often with advice from a legal beagle.

Sellers are “in control” up to contracts.  You probably don’t have to sell your home.  Do it on your terms.  When I had my house in Uhlman Farms in Westborough, I began referring to it as the albatross.  It was a great home, and I raised my kids there.  Once they moved out, why did I need a house that size?  Time to sell.  And then I wanted it gone!

You can do the same.  I don’t recommend trying to time the market.  Plan your strategy then work your plan.  You’ll know when you are ready to make a move. If you need help making a plan, don’t hesitate to reach out to me. I have been there and am happy to help.

Enjoy and stay sanitized!

Here is free app for your phone/tablet tied directly to the MLS  https://www.homesnap.com/Gary-Kelley

Gary is heard on WCRN AM 830 discussing “All Things Real Estate.”

If you need advice on selling your home or buying a new one, give us a call 508-733-6005.