If you are a homeowner in today’s market, the chances of you reading headlines such as “Sellers’ Market” “Sold in 1 day” “Sold for 100K over listing price” are common. These headlines probably have you pondering whether you should sell while the market is so strong. Then you think, “but where will we move to?” “What if we don’t find what we are looking for?” “I don’t want to end up without a home.”
I have come up with the best 5 strategies that my sellers, who are becoming buyers, are using to win in today’s competitive sellers’ market.
Rent back/ Leaseback.
Buyers are flexible today. They understand how hard it is to find a house in this market and when they do, they most likely will do whatever is necessary to appease the home seller to accept their offer. A leaseback allows the seller to close on the sale of their home while remaining in their home for an extended period while paying rent to the new buyers until you find your new home. This is an extraordinary sacrifice that some buyers are making in today’s market to buy their dream homes.
Extend the closing date.
Buyers are willing to wait for you to find a home. The standard closing timeframe with for a financed purchase typically can between 30-45 days. Simply ask the buyers to extend this time frame that would allow you more time to find your new dream home.
Rent/Short term rent
Would you be ok with renting if you accepted an offer 50-100K over your asking price? This is another option that would allow you to accept a strong price for your home while making a small sacrifice and buying you more time to find your ideal home.
Work with An Agent Who Has Helped Clients in Your Position
Experience can be the difference between leaving money on the table vs your pocket. Work with an agent who has been in this position before. There is a process to going about listing your home while buying another. The waters can get a bit choppy the closer you get to the closing date and coordinating double closings on the same days.
Suitable Housing Clause
This is the most common strategy that sellers are using today. Like extending the closing date, the difference with the suitable housing clause is that the homeowner can accept an offer on their house, but it is subject to them finding their ideal home and closing on it simultaneously. I have seen some sellers not find their dream home and the deal falls apart. I have seen some buyers wait 6+ months for the seller to find their next home. It is a combination of how flexible the buyer is and what is available to you.
It is an amazing time to be in the real estate market. Will there be some inconveniences on your way to your goal? Yes. But imagine being able to put more money in your pocket now than you ever have before. We are in one of the best times to not only be a seller but as a buyer as well. As of today, March 29th, 2021, interest rates are hovering around 3% for a 30-year fixed interest rate! The opportunity is there for you to win on both sides of the fence.
Find Your Home and Discover the Best Options based on Your Needs! Call me today at (617) 913 2730 to find your perfect home. The housing market that has become more competitive due to low interest rates, rising prices and low inventory.
Contact me to also get access to off-market listings and coming soon homes (not on this website) for an edge on market availability of condos, single-family and multifamily homes.