If buying a home is on your radar, you've probably been keeping an eye on mortgage rates and home prices. But don’t forget about homeowners insurance.Homeowners insurance has always been part
Removing Uncertainties When Buying and Selling
Dated: October 24 2023
Views: 48
Buyers and sellers are feeling the uncertainty in the housing market. With rising interest rates and a slower selling pace, it may seem overwhelming. If you are planning to both sell your home and buy a new one, the current environment may be even more frustrating. Where do you start? Sell first? Buy first? The good news is with the right strategy, you can take the risk out of this kind of move by working with your agent and utilizing contingencies. Most people assume that they have to sell their home before they make an offer on the replacement property. This can feel risky in any market, but when we’re facing higher interest rates, variable home inventory, and market uncertainty, you may feel this puts you out on a limb. What if you sell your home and don’t find a good replacement? What if interest rates rise even more and you are stuck renting?
Your agent can help with this. There are contingencies in every real estate transaction. Most people know they can make an offer contingent upon selling their current home. In this case, the buyer makes an offer and asks for 30-60 days typically to get an offer on their existing home. The reverse is also true. If you are unsure of the value of your current home in this market, you can also accept an offer to sell contingent on finding a home to buy. Both options protect you in the event that you are unable to find the right home or loan.
Working with your agent, it is possible to buy and sell in this uncertain market, while controlling the situation; making the process as smooth as possible and removing unnecessary risk.
In Summary
- There are 2 ways to buy and sell without risk:
- Sell first, with contingency to buy a new house within 30-60 days.
- Buy first, with contingency to sell your current house.
- Both options protect you in the event that you are unable to find the right home or loan.
- Working with your agent, you can control the situation and make the process as smooth as possible.
#realestate #housingmarket #buyandsell #tips #contingencies #agent #uncertainmarket #daniellecoyle
Danielle Coyle
Top Realtor® in Monmouth & Ocean County, New Jersey Danielle Coyle is a top Realtor® in Monmouth and Ocean County, New Jersey, with over 30 years of real estate experience. Licensed since 1991, she....
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