This market is so great for sellers, everyone knows it! But even if you’re ready to sell you’ll be held up until you know where you can go next. Here’s some strategies to help you sell and avoid ending up without a next home.
When you list your home for sale, we will include that although the buyer can purchase and own the home in a normal timeframe, you will be renting the home back from the buyer for a specific period of time.
This allows you to free up your equity with the sale to fund your next purchase while still giving you time to find the next place and move out.
In this competitive market, buyers have very little issue with being patient for their possession of the home.
Contingent on Buying
Another option can be making the sale of the home contingent on your buying a new one. This means that within a set period of time, if you aren’t able to purchase a new property, the sale of your home will be cancelled.
This protects you from ending up stuck without anywhere to live. It will be a slightly less attractive option to buyers because they know the challenges of buying in this market, but it certainly won’t deter them all.
Finding a Rental
A temporary fix can be moving into a new rental once your home is sold. You can do month-to-month leasing while you search for your new home.
The drawback with this option is that the rental market is almost as competitive as the buying market! However, working with our team which also provides property management services, we can help you find and move into a rental property sooner than others!
Getting Approved to Buy Before You Sell
Although this doesn’t solve the issue of finding a home necessarily, it is an option that can help! Talk with your mortgage provider (Atlantic Bay certainly can help!) about utilizing the equity in your home before you sell.