How Can I Sell My Home If I Have Nowhere To Go?
One of the challenging aspects of our real estate market continues to be the lack of homes for sale. Even though the market has fully recovered from the tidal wave of ten plus years ago and sellers have plenty of equity to make a move, they’re not. Statistics show that homeowners don’t sell nearly as often as they used to. Perhaps simply fixing up their current home sounds better for most than the task of moving. Whatever the case, we don’t have nearly enough good inventory to fulfill the needs of today’s home buyers. We are stretched incredibly thin when it comes to what’s available for sale in the resale market. We’re also not seeing new home construction sufficient enough to house buyers in our area. You may be asking yourself, “How can I sell my home if I have nowhere to go?”
For those who have to sell their current home before being able to purchase a new one, you might imagine yourself homeless if you sell and never find a replacement property. The thought of renting with the hopes of finding something suitable is daunting. Not to mention the threat of interest rates rising, which could price you out of what you’re hopeful of buying. It’s no wonder people in this situation are often overwhelmed and ultimately don’t take that leap of faith. But as the market shifts and it becomes more neutral, sellers will become more flexible with their plan; hence, giving you a better chance of being able to get your contingent offer accepted.
“Contingent Upon the Sale of Property…”
For sellers, to accept a contract from a buyer who hasn’t sold their home yet is like taking an offer with an IOU attached. There’s no guarantee how long it will take the buyer to sell their home. It also poses risk for the seller to agree to wait for an unlimited amount of time. But, if a seller is motivated and willing to wait, it’s not uncommon that you can get your offer accepted “contingent on selling your home”, then quickly put your home on the market. The key is to have your home ready for sale, have the marketing and photography completed and ready to go, price it right and then allow your Realtor to get it sold. Sounds challenging, but honestly it happens more times than you might imagine.
In a competitive market, sellers typically wouldn’t consider such a plan. With multiple offers on the table, the odds of a seller wanting to accept your contingent offer was less likely. However, homes aren’t flying off the shelf like they were a year ago. As the market stabilizes and becomes more of a neutral market, sellers will be more willing to look at creative options to get their home sold. You could get lucky and find a seller who, in the big scheme of things, just wants to be done. Let’s face it… selling your home can be disruptive to those with busy lives. This type of seller may be willing to give you time to get your home sold if it means they’re in escrow.
For many who dream of living in a larger home or maybe hadn’t planned to be in their current home forever, the market hasn’t been all that cooperative, but you may have more options than you had previously realized.
Carol Kellogg is a Realtor living in Fair Oaks, California. She started her career with Lyon Real Estate in 1992. Over the past 25 years she has sold hundreds of homes, focusing on the importance of the customer experience. Representing both buyers and sellers, her goal is to provide quality service with a personal touch. Whether it’s a first-time buyer or seller, or a seasoned veteran in the world of real estate, Carol brings an element of experience and confidence that her clients appreciate.
#1 Realtor in the Lyon Real Estate Fair Oaks Offices 1998 – 2002.
Masters Club Outstanding Life Member
The Realty Alliance National Sales Award
C. Mike Messina Award for Leadership & Professionalism
Former Senior Vice President of Lyon Real Estate