At first glance, it may seem to be an issue that any seller would be thrilled to have: Your house sold after just spending a few days on the market. After all, the dread of a home being on the market for an extended period of time, suffering the possibility of having the price reduced, or receiving bids that are too low is what prevents many people from selling in the first place. Even though a speedy sale is a cause for celebration, it may also provide difficulty if it takes place before you are able to choose a new residence.
This is a scenario that is occurring more often in our present market, which is still very competitive as a result of the prolonged low inventory that began in April of 2020. There is a catch, despite the fact that there may be an increase in inventory during the spring selling season. Every house that is put up for sale requires the purchase of an additional dwelling. Until the supply of housing exceeds the demand for it, it is likely going to take a little bit more time than you had planned to find your new home.
Despite this, the benefits of a quick sale of your property exceed the potential drawbacks of being in-between residences. These benefits include less drama, obtaining your asking price (or even more), and having the ability to examine many offers in order to select the ideal buyer for your house. If you follow these tactics before you make your list, we will be able to assist you in planning ahead.
Inquire about the existence of a contingency clause.
A house sale contingency is a condition in your contract that effectively indicates that you won’t finish the sale of your home until you locate a new home. This clause prevents you from selling your property before you find a new place to live. Purchasers often find such stipulations to be discouraging since they introduce a significant amount of unpredictability into the buyers’ own schedules. On the other hand, when demand is really high as it is right now, there could be a buyer out there who is open to a more flexible schedule for their relocation. (Take, for example, a family that is looking to buy a house but doesn’t want to relocate until after the start of the new academic year.) We are going to talk about it together to see whether or not a clause would make sense for you.
Think about getting a bridge loan.
When a seller is in between houses, one of the things that cause anxiety for them is the possibility of having to tap into their funds to pay for unplanned living costs. This is particularly true if the sale of their existing home is still in the process of being finalized. A bridge loan is a kind of short-term loan that could be able to help you out in a situation like this. (It may also increase your house purchasing power, which is beneficial in case it paves the way for the acquisition of other possibilities.) The disadvantage of these loans is that the interest rates are often greater, and the payback terms are typically shorter. You need to do the arithmetic and study the tiny print to see whether or not this makes sense for your circumstances. Do you need some assistance? Let’s connect.
Look for a property that is labeled as “vacation” or corporate housing.
You may find seasonal rentals in a variety of locations, including by the water, in the city, in the mountains, or in a charming and picturesque tiny town that is quite popular with visitors. These rentals were not selling as rapidly as yearly rentals, despite the fact that it is anticipated that the market for seasonal holiday rentals would pick up as tourism will resume after all that happened in 2020. In other words, there is a greater variety of alternatives available, and often at costs that are cheaper than they would typically sell for. Keep an eye out in particular for rental offers during off-peak times. Another alternative is to look into business housing, which often provides greater flexibility while occupants adjust to their new surroundings. It is common practice for holiday rentals and corporate housing to be fully furnished; hence, you won’t miss your own furniture during the time that it takes for you to save up enough money to purchase a new house and move into it.
Include rental options in your hunt for a property
Yes, you should investigate the apartment complexes in your neighborhood to get a feel for the availability of units and the prices of those units, just in case. Not only do we have links to realtor scarborough agents who specialize in the selling of properties, but we also have connections to agents who specialize in the renting of homes. In addition, there is a possibility that some of our customers are on the fence about selling their property. They may be past purchasers who acquired multi-family houses or former buyers who purchased vacation properties that are leased out during the off-season. Another possibility is that they are considering entering into a rental agreement. And this gets us to.
Employ a representative who has a network.
In a housing market with a limited supply of available homes, having a real estate agent who is able to effectively leverage their connections may sometimes be the deciding factor in acquiring a new residence. As your realtor Scarborough agent, I am ready to access our database of prospective sellers in the neighborhoods where you are interested in making a real estate purchase. After that, we will have chats with each prospective seller and organize appointments for you to visit their house so that you can make an informed decision. If there is a possibility that we may identify properties that would interest you and present them to you, we will do so. This way, not only will we assist you in selling your home, but we will also make it possible for you to purchase a new one.
It’s easy to let fear seize the wheel while you’re trying to sell your property, especially if you’ve never done it before. When the market is hot, one of the main fears that people have is the worry that they may have to sell their current house before they have found a new home. Nevertheless, it is a problem that has a few straightforward answers, and depending on the specifics of your scenario and the nature of your market, we may have even more original suggestions. There is no way to tell for sure whether or not such a situation may also turn out to be a gift in disguise. Just think, this time next year you might be relaxing in style in a cheap vacation rental in a pleasant place while taking your time looking for the house of your dreams. Just think about it.
