Are You Willing To Move Twice?


Are You Willing To Move Twice?
By Scott Rogers • April 9, 2019
Anecdotally, the $250K - $300K market is HOT right now. If you're looking to buy a home between $250K and $300K expect to have LOTS of competition from other buyers. Houses that are prepared well, priced well and marketed well, are going under contract quickly -- sometimes with multiple offers. Which then (eventually) leads us to the question at hand -- are you willing to move twice? If you're buying a home between $250K and $300K, there is a decent chance that you own your current home, and that you'll need to sell it in order to buy the next house. And given that there are so few options for you to buy right now, you probably haven't listed your current home for sale yet -- because you're waiting until you see something that you want to buy. But when the home you want to buy comes on the market, and you look at it on the first day and decide you are ready to make an offer - I'm going to tell you that we probably won't be successful in securing a contract to buy your new home unless you have your current house under contract. So then we'll speedily get your house on the market. But by the time it is on the market, or by the time it is under contract, the chances are that the house you wanted to buy will then be under contract to another buyer. Ugh. So -- what is someone in this situation to do? Option 1 - Do what is described above, and hope you get lucky. Wait to list your home until you see something you really want to buy. Hope that nobody else wants to buy it, somehow. List your home. Get a contract in place on your home. Make an offer on the house you want to buy. But perhaps you'll try Option 1 a few times and fail - losing the house to another buyer, which leaves you with two other options... Option 2 - Secure financing to buy a new home before having sold your current home. This way you can commit to buying the new house before having a contract on your current home. That isn't a possibility for all buyers, so you may also have to consider... Option 3 - Be willing to move twice. List your home for sale, when you get an offer, ask for a longer than normal closing timeline - perhaps 75 days instead of 45 - 60 days. Then, hope that the house of your dream comes up for sale in the subsequent 30 days so that you can contract to buy the new home and close on them simultaneously - but be ready, willing and able to move twice if you need to do so. You may, with this option, have to move out of the home that you own - because you sold it - before you have found and secured a contract on the new home you'll be buying. This might mean moving in with family, and it might mean renting before buying the next home. In the end, given how quickly the market is moving, you may have to decide if you are willing to move twice in order to make a transition to your next home. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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