How to Sell & Buy a home in 2021
How do you SELL & BUY a home at the same time in 2021?
The real estate market is hot! Sell your house & make a huge winfall... but where will you go? We have 11 tips on what YOU can do to find your next home to score big and be in the home of your dreams. Here are the first 5!
#1 Try buying new construction!
Many buyers don’t have the time to wait for a home to be built. Many builders are ok accepting a contingent offer because they understand that the market is moving SO FAST, you will likely sell your home in 2 seconds. Builders want to keep everything moving through the pipe line so they can get to the next build sooner rather than later because materials costs are going up by the minute! So try shopping for prebuilt homes, homes that are not quite finished, or maybe even homes that have not broken ground.
#2. You could look into a bridge loan.
Also known as interim financing, gap financing, or swing loans, bridge loans bridge the gap during times when financing is needed but you don’t have access to that money yet. A bridge loan would enable you to purchase and close on your next home, move to the next home, and then sell your current home. Your offer would not be contingent on the sale of your current home which would provide major advantages in multiple offer scenarios.
Before contacting a lender, meet with your real estate agent and get a comparative market analysis on your home. Know what your home would honestly sell for and be aware of any worst case scenarios. Then, call your lender and ask about the terms and interest rates for their bridge loans. They will likely have you apply to get getpreapproved. If you are considering a bridge loan, this would be smart to do before even shopping for a home.
#3. You could Rent.
You could rent. Yea, its less glamorous, ✨ but in this market, it’s a very valid option. This would allow you to buy your next home without a contingency so you will likely get a better deal on the one you are buying while still benefiting from the sellers market as you sell!
Be sure you negotiate terms in the rental agreement that would allow you to exit the contract with a 30 to 60 day notice without penalty or a small fee that will make finding your dream home worth it!
#4. What about the 2nd best area?
EVERYONE wants their kid to go to the best School… what but about the 2nd best school? Lol … But seriously… In this HIGHLY competitive market, find the area that everyone is clamoring too and aim just outside of that. OR, find the “2nd best area” or an “up and coming neighborhood”. If you are a first mover in those places, you might make even MORE of a windfall as appreciation increases to stay on pace with the hotter areas and you might be able to purchase at a lower starting value with less competing offers!
Where are the areas that everyone wants to be in … in the next three to five years?
#5. Find land & build a custom home!
Here is another option! Instead of searching for a home 🏠 try searching for land! 🌲🌲
Even though the time it takes to build a home may take a little longer than it used to it still may be a viable option if you’re not finding what you’re looking for on the market. Then after about six months you could cash out of your current home and move into the home of your dreams at a historically low interest rate!
Ask me for a recommendation of an experienced custom home builder & follow me for more real estate pro tips!