What you Need to know about Selling Your home in the Current Market
Have you been waiting to sell because you don’t know where you’ll go? Now may be the time to start exploring your options!
In St. Louis Missouri , we are definitely seeing a softening of the market here in July of 2021 as I’m writing this. That means that we are seeing more homes coming on the market and less competition for these homes…. Don’t get me wrong! We are still in a very low inventory situation! What we are seeing is only 2-3 offers on homes instead of 10-15. Each area is slightly different but this gives you a general idea of what is going on. Over the past year or so many sellers have been thinking of selling and concerned about where they will go once they do sell and NOW may be the time to really start exploring your options. If you are in this situation, my suggestion would be to call me so we can put together a plan for you. Our team has helped many sellers sell their home this year and move into a new home mainly by using one of these 3 plans:
- Buy before you Sell
- Sell and Buy simultaneously
- Sell and Buy at a later date
Let’s talk briefly about each scenario:
First, in order to buy before you sell, you must make sure that you are pre-approved to carry two mortgages for a short period of time. Many people I’ve talked with didn’t think this was possible until they spoke with one of our preferred lenders. They found that, due to the low interest rates, they were able to go ahead and find a house prior to actually selling theirs. During our meeting we can discuss this more in depth but I believe this is the most stress free of the three options.
For the second option of selling and buying simultaneously, we will want to look at the market and see if there are homes coming up that meet your criteria. IF we are seeing the right types of properties coming up regularly then we can list your house, ask buyer for a longer closing date (such as 45-60 days) and then as soon as it is under contract, we can go out and find your next home!
Finally, several of my sellers this year have had a “Plan B” where they can live somewhere else for a month or after selling while we are looking for their next home OR they decide to rent for a short period of time while looking. This is not desirable for some sellers because they don’t want to have a double move. However, this works perfectly for other sellers.
I hope this information has been helpful. Our team would love to sit down with you, discuss your goals and make a plan with you so that you can make your real estate dreams come true. Check out our other posts to find out more information about buying or selling your home.