Something I am hearing with increasing frequency goes something like this...
MONDAY: I think I want to sell my house - can we meet to discuss that?
TUESDAY: Would-be seller starts to look around for replacement houses to buy.
WEDNESDAY: Let's cancel that meeting - I can't find anything I'd want to buy - I guess I'll just stay in my current home.
A few thoughts and notes as it relates to this increasing common occurrence...
- You are not alone! Plenty of folks in our local market would love to sell their home in order to buy a new one - but can't find something to buy - and thus do not sell.
- This is, in some ways, something that will just keep on repeating itself. Would-be seller does not become an actual seller because they can't find anything to buy -- which means that nobody will consider their house as one that they could purchase.
- Keep in mind that inventory at any given moment in time is not necessarily a good representation of the options you will have over the next 30 to 60 to 90 days. It might be worthwhile to monitor the market for a bit to see if viable options become available.
- It is important (now more than ever) to make sure there is something for you to buy before listing your home for sale. Let's not get into a situation where we're under contract sell your house to an excited buyer and then we can't find anything for you to buy.
- Don't feel like you sort through this in a vacuum. I am happy to help, even if the end of the research and discussion is your decision to just stay where you are. I can run some searches to show you houses that have sold in the past six months (for example) to explore whether there were viable options to buy in the recent past.
It can be a tough time to be a buyer -- and even more so to be a seller and buyer. I recognize that plenty of folks who want to move may just need to stay in their current home -- but let's take some time to explore that together to see if that is the only path forward.
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