|MARKETWATCH – MARCH 2016
THIS SPRING IS A SELLER’S SEASONThe start of the spring season is here and stories of bidding wars and limited time on market in the hottest areas are frequent occurrences. If you are thinking of putting your home on the market, right now is really the prime time to meet with me to discuss your options.
If you are a homeowner who is ready to sell your property yet fearful of not finding another property to purchase, you do have some options available to you. Selling a home and buying a new one can be a difficult balancing act. In an ideal world, both transactions would occur simultaneously. The reality is, it doesn’t always happen that way, but homeowners shouldn’t be fearful of the process.
If you find the home of your dreams yet haven’t sold your current property, there are several possibilities to consider. Bridge or home equity loans help finance the down payment of a new home until you sell the current one. Equity and bridge loans borrow from the current home’s equity until the proceeds from its sale is obtained. Your financial advisor should be able to inform you if these options are feasible.
A prior sale contingency included in the purchase contract on the new home is another option. The contingency provides the opportunity to withdraw from an offer if the current home does not sell by a certain date.
If you do have the funds for a down payment yet are fearful of holding two mortgages, ask me for a competitive market analysis that provides the average time on market, similar to the charts here. With properties selling as quickly as they are in some markets, a bridge loan, contingency, or fear of carrying multiple mortgages may be completely unnecessary.
Historic low interest rates and rising rents are driving buyers who want to realize the dream of homeownership. With limited housing inventory, buyers are competing against one another for those properties that are priced well and are in good condition.
To take advantage of what is gearing up to be an incredibly active spring market, contact me today. I can advise you on the sales process and provide you with information to help you make an informed decision. I am here to help you navigate and negotiate your way through a success spring selling season.