We all know that now is the time to sell a home. There has truly never been such an extreme seller’s market. If you’ve been thinking about taking advantage of the quick increase in equity but are concerned about where you would move to next, you aren’t alone. As great as the market is for sellers, buyers are struggling. There aren’t many homes to choose from, and when one does go up on the market, it receives multiple offers.
While it may seem unrealistic, selling and buying in this market is possible – but you need to have a strategy. Here are a couple of ways to avoid being homeless after you sell in today’s wild real estate market.
The easiest way to avoid being homeless after selling your home is to lease the house back after it closes. This way, you’ll have cash in your hand to use toward your next home and won’t have to try to buy a home with a contingency to sell first. Plus, you won’t have to pack and move your belongings twice, allowing you to put all of your focus into finding your next home.
How a lease back works is when a buyer makes you an offer, you will ask them if you can lease the home for a specified amount of months. You’ll agree on the length of time, monthly rent payment, and so forth. The buyer, who will soon be your “landlord,” should ask you to fill out a lease agreement to protect themselves from liability.
Short Term Rental
Another option, especially if you know you won’t need a ton of time between selling and buying, is to get a short term rental. This can be an apartment with a month-to-month lease or even a vacation rental.
If you go with a vacation rental like VRBO or Airbnb, you may be able to negotiate a lower monthly rate if you explain your situation in advance. It can be tricky since some of these homes book up months in advance, but it is a great option if you find one with open availability.
Renting may not be the best option because the rental market is bananas too. But if you don’t want to take on the fast-moving real estate market and would prefer to shop at a more leisurely pace, you could go this route.
Keep in mind that rental rates are high, and so are moving expenses, so this may not be the most economically friendly route to take.
Remember… We Are Here To Help
If you’re still a little bit uneasy about the logistics of selling and buying in today’s market – that’s okay! We are here to help you through it. We know how challenging this market can be, but we also know how to make things happen for our clients. There are options and we have many strategies that enable you to move out of one home and into a new one smoothly and seamlessly, and most importantly, stress-free! Give us a call if you would like to know more.