6 Tips to List AND Buy in a Frenzied Market
Updated: Jan 19, 2021
Timing, timing, timing is key when you are selling the old and looking for new! I have very happy clients who just made the transition in this frenzied market, here's how we succeeded together.
1) Start Early.
Make a list: What do you need in your new home?
Get pre-approved with a lender.
Call me to help you get started! :-)
For my wonderful clients this month, their motivation to move was SPACE! With four growing kids and one parent working from home due to COVID, they needed more rooms, more bathrooms, and more backyard!
2) Prep the Old House to SHINE:
This family decided to put in some hard work to maximize their profit! New paint, new carpet, professional cleaning, and my staging expertise. With a couple of long weekends, we went on the market and SOLD in ONE DAY OVER LIST!!! Preparing your current house is essential to sell quickly. Homes that are cleaner and more neutral sell faster and for more money. If you spend wisely, you WILL reap the financial benefits in this hot market. Also, your Realtor should (I DO!) give you a suggested "Honey Do" list to help you prepare. I walk homes and notice things that buyers and inspectors will notice, and I create a spreadsheet for each seller with recommendations.
3) Search Now and Lock it In
Homes in the Charlotte region go fast, in multiple offers, and within days of list. If your current house is shined up, then it should sell fast, too. Be ready to put in offers on new options while you are working on the old house. Ideally, you'll be just under contract on the new house while simultaneously listing the old house.
4) Get the Timing Right
The goal, if you need to use the equity from the old to purchase the new house, is to have piggyback closings. Consider using the same attorney for both closings so there's one location to sign both sets of documents. Make an simple timeline to work from.
5) Be Prepared for Hiccups
Nothing is guaranteed, so anticipate bumps in the road. For my sellers, I encouraged other buyers to put in back up offers, in case the first buyer fell through, then we would already have another buyer ready to go. A great agent will also guide you as to the benefits of different offers on your house, especially in a multiple offer situation. Different loan products have different requirements, and matching the buyer and lender to your seller's home is a must. If you choose your Realtor wisely to begin with, you'll be better prepared from the start!
6) Transition Tips...Managing STUFF:
Whether you are renting a UHAUL, having a yard sale, or donating your stuff, make a plan to transition and start now. My sellers considered a driveway storage cube, but decided on a temporary storage unit. They moved most of their items into storage, donated a bunch, and packed the rest in the garage. This made their transition much easier. They simply moved in slowly to their new house from storage, and their old house showed much better being less cluttered. WIN-WIN.
If a hermit crab can find a new, upsized shell, so can you!
HOUSE GOALS: A phenomenal house for truly wonderful people!! 4 kids, over 4,000 square feet. Way to go, McGowen Family!!