Is it time to sell your home and move up?
If you’ve been wanting to trade up to a newer, better or bigger home, now may be the perfect time to make the move. The force is with you. Home prices are rebounding and equity is returning to Fresno and Clovis homeowners. You’ll get more for your current home than you would have a few years ago yet prices are not out of control so you will be able to afford more too.
Maybe you want to live in a nicer neighborhood, in a home that’s closer to your workplace or in a city with better schools. You don’t need to own a dry cleaning business like George Jefferson, and you certainly don’t need to hire a crazy housekeeper to enjoy the perks of the good life. There are so many reasons to move up, and now is the perfect time.
Things to Think About
Being a move-up buyer comes with some unique circumstances. Thinking about your situation and how you want to handle the process are vital to ensuring a smooth transition. If your current home sells too quickly or you can’t find a buyer, you could face two sets of problems. On the one hand, if the home sells quickly, you might be forced to move into a temporary residence until you can find your dream home. On the other hand, you might be left with two monthly mortgage payments if you can’t sell your current home.
To avoid either of these situations, your real estate agent can work with you to create some contingencies. Contingency contracts work in several ways, but the goal is always to give you the time that you need to settle everything before you move. Three types of contingency contracts can make a move-up easier.
1. As a seller, you have the option to make the sale contingent upon purchasing your new home. This way you know how much your home will fetch at market, so you can establish a more accurate budget. You’ll also have time to find your dream home without being rushed.
2. You can request a rent-back option from the prospective buyer. By paying rent to the new owners, you’ll be able to stay in your former home for a negotiated set of days to look for a new place after the sale is final.
3. As a buyer, you can make an offer to the seller that’s contingent on the sale of your current home. This strategy is most effective for properties that have been on the market for a few weeks. However a strong offer on a newly listed home may entice the sellers to accept a contingent offer.
Above all, be a flexible buyer. To make your offer more attractive, consider paying the seller more or offering the seller a rent-back option. You can also pre-negotiate home inspection items and repairs to make the process easier for both parties.
Being a move-up buyer is only a little more complicated than being a first-time buyer. Looking at homes that are currently available is a great way to get a feel for the market. Just try not to fall in love if you aren’t prepared to sell. Once the process gets going, things can move faster than you expect.
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