What do you do when your house sells to fast?
This article first appeared in the June 2018 issue of Rock Hill Reader the Magazine
The local real estate market has stayed pretty consistent over the last few years. However, we’ve come across a peculiar situation and one that is very real. We’ve had clients tell us that they’re afraid to list their home because they think it will sell really fast.
“I’m sorry, what? You’re afraid to sell your home because it will sell?” I’d ask.
“Well yeah, where would we go? What if we can’t find something to move in to?”
This concern is legitimate. I get it. Homes in our area are getting multiple offers and going under contract in just a few days. If this happens to you, now you need to find a home as soon as possible. So what would you do if you were told you had to find a home this week? What if you didn’t like anything currently on the market? Or what if you make an offer and lose out to another buyer?
Here are three quick strategies for anyone looking to move that thinks they may face this problem.
Consider New Construction
With inventory being as limited as it is, going to one of the new construction neighborhoods could end up working well for you. Some builders have inventory homes available. Some will start building homes with just a deposit down and can give you a pretty accurate timeline of when the home will be completed.
Let’s say the builder tells you it will take 6 months. If you know how long houses are staying on the market in your neighborhood, you can list yours and have it on the market in a time frame that will work with that.
Consider a Contingent Offer
If you want to find the right house before putting your on the market, you can put in a contingent offer. A contingent offer is when you put in an offer on a house with the understanding that you need to put your house on the market and sell it before you can buy the house you’re offering to buy.
This won’t work very often with houses that are new to the market or houses that have multiple offers but it can work with houses that have been sitting on the market for a while. Maybe it was overpriced in the beginning or needs some work done that you know you could do if the house was yours. Those sellers may be more inclined to work with you, especially if you think your house will go under contract in just a few days.
Consider an Apartment
Moving into an apartment buys you time. Granted, you need the money to be able to do this for a few months but it could reduce your stress a great deal. In this scenario, you’d sell your house and instead of frantically searching for your next place, or even feeling like you’re settling on your next place, you plan to move into an apartment and maybe use a storage unit if you need one.
A six-month lease gives you plenty of time to see what pops up on the market and even time to build new construction. You now have the luxury of waiting for that perfect house.
Whatever you decide in terms of moving, the best thing you can do is plan. Sit down, consider all of your options and give it a go!