I keep getting asked this question – ‘Should I sell before buying my next home?’ The short answer… Yes you should! There are a lot of reasons for this and I’m going to break them down one at a time for you.
Contingent offers are dead
These types of offers are now a thing of the past. We’re currently in a competitive market with multiple offers on properties. So if you’re the buyer and you’re submitting an offer that’s contingent on your property selling, you’re not going to stand a chance!!! But we have a solution for that 😉
You can’t know the sale value of your property until it sells
Why run the risk of buying another property before knowing exactly what price your home is going to sell for? We can give you a good idea of what it will sell for, however it’s always better to sell first and then buy from a more stable position.
You can prep the property to be sold
Without the rush of being forced to sell, we can take our time and prep the property and have it market ready so that when the time does come to sell, we can you top dollar for your home. No rush, just proper preparation and planning!
What are your options?
We have a unique program here at TrueLocal – The HomeLight Trade-In Program. If you do decide to sell before you buy, we will guarantee you 90% of the value of your property upfront! That will allow you to free up the capital and get your home’s equity ready for the next purchase. Not that we’re expecting anyone to be content with just 90% of their property’s value! So what we do is after you move into your new home, we stage your old home, prep it for market, then sell it on the open market. Then whatever the difference is from the 90% you already collected, to the 103% we sell it for, you get a check in the mail!
The other alternative that we also recommend is a Rent-back. We go out there and find a buyer in the market who’s willing to rent your property back to you for 30-60 days, allowing your enough time to go find your next home.
The final option is temporary housing. Since most of your stuff will have already been packed away we move you over to a nice AirBnB in the neighbourhood you wish to scout for you new home. This approach allows you to really get a more intimate feel of the neighbourhood and narrow down the streets you’d like to be on. Then we take our time and find you the right property!
If you have any questions about selling or buying, please feel free to call.