No matter where you look, inventory shortages are driving the real estate market. With fewer properties for sale, home prices have grown higher while sales periods have tightened. These conditions present tremendous opportunities for sellers, but it can be worrying for those individuals who also need to buy a new property after selling.
Thankfully, those worries can be overcome through preparation, planning and a professional like those at Long & Foster Real Estate. Here are just a few ways that home sellers can become successful buyers, too.
Begin your new home search before listing your current house. With homes selling quickly—sometimes in less than a couple weeks depending on your neighborhood—you’ll want to make sure you have a head-start on your next home search before yours goes up for sale.
Take advantage of declining mortgage rates. Rates were expected to rise above 5% this year, but we’ve seen the opposite occur, with mortgage rates hitting the lowest point since November 2016. Talk to your mortgage consultant now to lock in the best rates, or contact the team at Prosperity Home Mortgage, LLC, a Long & Foster company, for assistance.
Leverage contract contingencies for sales success. With today’s low inventory, buyers are amenable to contract contingencies that could delay closing until you purchase a new home or allow you to rent back until then. A professional Realtor like Long & Foster’s team can walk through the contract options available to you and negotiate the most favorable terms to ensure the success of your home sale and purchase.
There are many other techniques that you can leverage to successfully sell and buy in today’s market, and a professional Long & Foster Realtor can chat with you about these best practices and get you on the path to selling and buying success.