Happy Spring Y’all!
The real estate market in the first quarter of 2022 has been interesting to say the least. Inventory is ridiculously low and, as a result, the number of property sales has also declined. Interest rates have now risen to around 5% for a 30-year fixed rate mortgage, but this doesn’t seem to have had an impact on the market, at least not yet. There is still WAY more people looking to buy, than sell, which will keep us in a seller’s market for the foreseeable future.
One of the most common questions that I’m hearing from clients is “How can I take advantage of the current market when I need to sell my house first before buying?”
The first thing I always advise is to check in with your lender and brainstorm creative financing ideas. You might be surprised at the new programs that are now available.
If you are afraid of carrying two mortgages, request a longer closing time on your purchase. The likelihood is that you will sell quickly and a hungry buyer will be happy to accommodate your need to line up both closings at the same time.
If you put your home on the market “subject to your firm relocation” it will give you time to locate a new home before you pull the trigger on the sale.
You can also sell to a buyer who will allow you to stay in your home after the closing and rent back, to give you time for the buying process.
If not having enough liquidity for a down payment is your dilemma, consider taking out a home equity line on your current home.
These are just a few ideas. I’m always happy to discuss your specific needs or answer any questions that you may have about your home or the market. Reach out and say hello!