What is a Seller’s market?
A Seller’s market is when the demand for homes outpaces the available supply. Basically meaning there are more buyers than there are homes for sale. How do you survive when you have a house to sell and you want to buy another home? This is the one of the biggest hurdles to overcome in a Seller’s market, therefore, this is why you should sell before you buy otherwise…
- You most likely will not win a “bidding war” when you have a home sale contingency. It’s difficult to beat others offers when you have a home to sell.
- You may not receive top dollar for your current home if you have to sell quick once you find yourself in contract to purchase another home.
- You could lose your perfect home if your current home falls out of contract due to inspection, finances, etc. It helps to have your home close or at least all contingencies removed before you go into contract with your dream home.
If you happen to find yourself listing your home and it goes into contract in a few days or even a few hours before you find your next home then you could always include a suitable housing clause for a certain amount of days (30-60 days) or lease back, which is when you rent your former home from the new Buyer for a month or so. An experienced realtor should be able to guide in the right direction so you can SURVIVE the hot Seller’s market!