What Do You Do When You Can’t Find a New Home?
“I want to sell my home, but I’m afraid I won’t be able to find a new one.”
With such limited home inventory on the market right now, this is something I’m hearing more and more. Being in-between homes is actually more common than you think, and while that sounds a bit nerve wracking, I’ve developed a plan if it happens to you.
From leveraging connections to creatively navigating multiple offer situations, there are several options that can help you bridge the gap between selling your home quickly and finding your new home.
Do it before it hits the market.
The best way to find a home in a limited inventory market is to do it before it ever hits the market, especially in certain price ranges. By the time a home hits Zillow, or you see it elsewhere online, it will likely already have multiple offers. By hiring an agent who has a network to connect you with, and who has access to “coming soon” properties in the MLS before they are published to the general public, your chances of finding your dream home are significantly higher.
Start early. If you are thinking about selling and buying a new home within the next 6 months, reach out now, so you can get the process started, and so your agent can start shaking the bushes and putting out feelers to find you exactly what you want. (This also means starting the pre-approval process with your lender, so that you have your pre-approval letter ready to go when it’s time to make an offer).
Consider putting in a little sweat equity.
Consider putting in a little sweat equity to get exactly what you want. It can be hard to see a house for what it can be, and not what it is. It can be even harder to understand what you have to do (and how much it will cost) to turn that diamond in the rough into a polished gem. But if you can do it, you might just be able to get your dream home in your dream location for a better sales price. Before you get started, make sure you talk to your agent to understand what you're getting yourself into with a fixer upper, and to get recommendations for trusted contractors as well.
Have the winning offer.
Once you find the perfect home for you, if you do find yourself in a multiple offer situation, there are several strategies you can use to make sure yours is the winning offer! Talk to your agent and make sure you’re on the same page about how flexible you’re willing to be, and what you’re willing to compromise on. Often people think it’s just about more money, but that’s not always the case. Consider being flexible on your closing date to accommodate the seller, or asking for fewer repairs. Since you’re starting early, you’ll also have time to save some extra cash, which you could use to bring to the closing table if needed.
If you’ve thought about selling your home, but don’t know where to start, I’d love to help walk you through the process to make it less overwhelming.