Today's market has lots of home buyers competing for a fewer number of homes for sale. Local home prices have increased substantially in a short period of time. This is giving an increasing number of homeowners the opportunity to move their equity up into a larger home.
But what is the best way to sell and make sure you are not left homeless, endlessly waiting for suitable replacement housing?
Homeowners have two unconventional options in today's market: selling your home "contingent on finding suitable replacement housing" or making a "contingent upon selling my home" offer on a property. The latter is more difficult in this market due to the increased competition for property.
A seller in today's market often wants to sell quickly and a 'contingent' offer would often require the owner to wait longer with the increased uncertainty of two buyers performing as promised (the buyer on your property and you performing on theirs). That being said, contingent buyers can still succeed with an overly attractive, above-market offering price, strong deposit funds and performance time-frames (i.e, sell contingent property within 15 days). The other option of selling 'contingent on seller finding suitable replacement housing' has become possible in today's marketplace with the current property scarcity.
Today's home buyers are willing to wait for the seller to find replacement property. Most buyers will also set performance time frames, such as a 60 day maximum for the seller's search.
Prices rise as investors overpay for homes
But what is the best way to sell and make sure you are not left homeless, endlessly waiting for suitable replacement housing?
Homeowners have two unconventional options in today's market: selling your home "contingent on finding suitable replacement housing" or making a "contingent upon selling my home" offer on a property. The latter is more difficult in this market due to the increased competition for property.
A seller in today's market often wants to sell quickly and a 'contingent' offer would often require the owner to wait longer with the increased uncertainty of two buyers performing as promised (the buyer on your property and you performing on theirs). That being said, contingent buyers can still succeed with an overly attractive, above-market offering price, strong deposit funds and performance time-frames (i.e, sell contingent property within 15 days). The other option of selling 'contingent on seller finding suitable replacement housing' has become possible in today's marketplace with the current property scarcity.
Today's home buyers are willing to wait for the seller to find replacement property. Most buyers will also set performance time frames, such as a 60 day maximum for the seller's search.
Prices rise as investors overpay for homes