Houses are in high demand all over the country right now and because of this some homes are selling within just hours of them being listed for sale. Unless you have a large sum of funds to pay for two homes at once and buy your next house before you put your current one up for sale, you could find yourself without a place to move into when you sell your home.
So what can you do if this happens to you?
Sometimes you can find your next home in the amount of time between accepting an offer and the final closing date of the sale. This is usually the period of time that the buyer takes to get all of their ducks in a row and finalize the mortgage. With low housing inventory and higher buyer competition, this might be difficult to accomplish right now.
Have a Plan Before You List:
It can be hard to make plans prior to selling your home as you do not know just how long it will take to sell your home. There is nothing wrong with setting up a short term rental or asking friends and family members if they may be willing to house you while you are in-between places.
Be Ready to Dedicate Most of Your Time to House Hunting:
As soon as you accept an offer, get ready to start house hunting for your next home, and be ready to dedicate much more time to it than you might have needed just a year ago. Before you list your home it is a good idea to know exactly what you want and need in a home, exactly where you need or are willing to live, and exactly how much home you can afford. It is an especially important and very smart idea to begin the mortgage pre-approval process. The more you know about what you are looking for and how much you will be able to afford and actually purchase the better the process will go. You want to make sure you can dedicate yourself to many hours of shopping as well, because sometimes in a sellers’ market it is all about who finds the home first and gets that solid offer in.
Look Outside the Box:
Though you have a set of items you are looking for in a home, hire a highly experienced agent, and be willing to listen to their advice about looking just a bit outside of your search parameters, you may be surprised to find a home you love much more than the one you were dreaming of.
Don’t be Afraid to Ask:
Ask friends and family that live in the area you are looking in if they might know of anyone that was thinking about selling their home. Many times neighbors will mention in conversations they are getting ready to move soon. This could enable you to find a home before it hits the market.
One of the key factors, however, is having a real estate agent or team that understands the situation, is willing to listen and completely relate and validate your position and understands the market extensively to negotiate on your behalf, even if you find yourself with a sold home and no place to go. This can be a stressful situation but with a little planning ahead of time, you can be in your new home before you know it.
~Billy Rabbitt is the lead Realtor® for The Rabbitt Real Estate Team in South Maryland. With expert agents, decades of experience, and service, Billy Rabbitt assists buyers and sellers throughout Waldorf, Mechanicsville, and various cities and villages in Maryland.