You’ve been living in your house for a while now. And after all these years, you’ve concluded that it’s time to move to a new home within Summit County. Whether you want to upgrade or you simply need more space, the process can seem rather uncomfortable at first because of all the moving parts, especially in today’s market.
But I’m here to reassure you that despite the challenges involved, it’s quite possible for you to sell your home and buy a new one within a set time frame.
Be Clear About Your Financial Situation
It’s imperative that you know the state of your finances before making any major decisions about selling your present house and buying a new one. This doesn’t just mean knowing what you can afford to buy. A complete familiarity with your finances includes understanding exactly what your current house is worth.
As your realtor, I advise you to be prepared so that we can have this conversation from the very start.
Your finances will dictate what direction to go in as we put your home on the market and look for the next house that meets your needs.
Do Your Research
Now that you have a clear picture of your finances, it’s time to look into home prices in the Summit County communities where you’ll be both selling and buying. Research the homes that are available in the market.
The ultimate objective is for you to sell as high as possible while also buying a new house at a reasonable price. But in order to turn these aims into realities, you have to know the prices of comparable homes.
Another essential component in the mix is whether the market favors sellers or buyers. Since you’re going to wear both hats, you will have to be able to protect yourself in the weaker area while also taking full advantage of the stronger one.
When the market is cold, buyers have more control. There are a lot of houses to choose from at decent prices. The problem is, though, that you may have difficulty selling yours in this scenario. As a protective measure, you might consider negotiating with the seller that the contract is contingent upon your present home being sold. A seller who is having trouble finding a buyer might be open to this arrangement.
If the market is hot, it may be much easier to sell your house than to buy a new home. In such a situation, it is possible for you to devise a contract with your buyer that makes the closing contingent on your finding another place to live. You might also be able to set up an agreement with the buyer to let you stay in your home as a renter while you continue your search.
Make Sure Your House Is Ready to Show
Now that you’re in the right frame of mind to think about selling your existing home and buying your next residence, it’s time to consider getting your house ready to show. Quick fixes can go a long way and should not be overlooked.
Does your bathroom faucet drip all the time? Is the paint chipping on your bathroom door? Are your kitchen cupboards extremely outdated? If so, work on how to make your home appear more attractive to prospective buyers. The last thing you want is for your house to sit on the market longer than necessary.
Let’s Determine the Right Steps for You
The circumstances for selling a home and buying another always vary. Factors such as the market, the homes involved and your personal tastes make every situation unique. But we can figure out a plan that meets your needs and achieves your objectives at the same time.
So feel free to contact me. I can answer any of your questions. You can fill out the Kelli Sells Team Information Request Form or call us at your convenience. We value your time and always make sure to respond right away.