Many people are choosing to take advantage of the current sizzling seller’s market by listing their property for sale and capitalizing on the higher offers that can be generated in a multiple offer situation. When you’re thinking about selling your home, it often prompts the age-old debate of whether it’s better to sell your home first or purchase your next dream home ahead of time.
With the Comox Valley real estate market as hot as it is, it can be intimidating to sell your home first because you’re concerned about what will happen on the buying side of the equation, if you’re not able to find another home within a compatible timeframe of your existing property closing. The last thing you want is to have to settle for a house that you’re not thrilled about or be left scrambling to find somewhere else to stay in between moves.
Help ease your mind by considering the following three options, so you can feel more confident about selling your home ahead of time during a hot market.
Utilize a 90 Day Completion
One of the easiest ways to bide yourself some time is to let buyers know you prefer a longer completion date. For example, a typical closing date falls within the range of 45-60 days - but you can advise that a 90-day completion is more favorable. This essentially gives you an additional month to find a new property you love and doesn’t really cause any red flags for interested buyers.
Include a Suitable Property Contingency
There’s a contingency condition you can include when you list your home which advises potential buyers that their accepted offer on your property will be subject to you finding a suitable property within a specified time period. This helps reduce your anxiety and stress by avoiding a forced sale or legal repercussions. That being said, it should be noted that this can also reduce the number of interested buyers if they’re not able to wait for you to find another home.
Suggest a Property Rent Back
A third option for you is to suggest the idea to rent back the property until you find a new home. This effectively allows you to stay in your home for a negotiated amount of time, so you have an extended timeline to properly search for a great property. If the buyer is an investor, they may be completely happy with this arrangement, as it means they basically have an instant tenant without having to put in the time, effort, and money to find a renter right away.
At the end of the day, you don’t want to be rushed or settling for real estate that’s only mediocre. You want to love your new house and be excited about the move! To discuss the above options further, and to determine your best approach for listing your Comox Valley home, connect with the Bryce Hansen Team today at 250.702.6493 or firstname.lastname@example.org.