With record-low inventories in the housing market, let’s talk about how buyers and sellers can still feel comfortable in the market to successfully sell their home and buy the home of their dreams.
Successful real estate transactions can often be achieved through contingencies. There are all kinds of contingencies, but the most common one is a buyer contingency. These are usually contingent upon the buyer’s financing, home inspections, and/or their home selling.
Let’s take a closer look at a contingency upon a buyer’s home selling. This is when someone owns a home and applies the equity from that home to purchase their next dream home. While this is a frequently used contingency, many sellers in today’s hyper-competitive market are apprehensive about negotiating a contingency on the buyer’s home selling.
Due to these circumstances, we recommend our clients list their homes with a seller contingency: a contingency that gives the sellers the right to find a home suitable for them but still negotiate the offer on their current home with the buyer.
How can a seller contingency work for you? You’ll want to meet with a trusted realtor who will list your home and disclose to all potential buyers that your home is contingent upon you finding your next home before selling your current home.
The time frame for this contingency is typically between 30 to 90 days, which gives you one to three months to find your next home and act quickly on it. If everything falls into place, you’ll be able to act quickly because your realtor will already have negotiated the sale of your home with a patient buyer who agrees to your seller contingency. That way, when the home of your dreams hits the market, you’ll be able to purchase it and sell your home without the pressure of time constraints or impatient buyers.
I hope this information is helpful to you if you’re considering selling but don’t know how to navigate today’s market. If you’d like to know more or list your home, contact me or our team any time!
Call Zane: (217) 454-8800 | Call Our Team: (217) 422-3335 | Email Zane: firstname.lastname@example.org
If you found this article helpful and you’d like to know more about selling your home, check out this blog with three things to prepare you ahead of time, or take a look at this blog with ways to set yourself up for good showings.