Where Do I Live After Selling My Home?
2021 has proven to be quite an exciting year for real estate: Sellers are seeing multiple, above-asking-price offers on their homes, navigating bidding wars, and accepting offers within days of their home being placed on the market. Consequently, as more homeowners begin to entertain the idea of capitalizing on this unique seller’s market by listing their own homes for sale, there’s one question we’re hearing more than any other: Where will you live after selling your home?
There’s a reason this question is being asked so often. All the factors that make our current real estate market a dream for sellers, also make things considerably stressful for buyers:
5 Reasons It’s An Opportune Time to Sell Your Home
Inventory is low.
There are bidding wars.
There are multiple offer on each home.
There are cash offers.
Interest rates are low; encouraging buyers to purchase homes at higher price points.
5 Reasons It’s A Stressful Time to Buy A Home
Inventory is low.
There are bidding wars.
There are multiple offer on each home.
There are cash offers.
Interest rates are low; encouraging buyers to purchase homes at higher price points.
See the problem?
Add to that, the fact that rentals can be hard to find due to low inventory in the rental market, and the idea of listing your home–and not knowing where to live after it sells–becomes a bit terrifying.
But there are options. With a strategic, creative, problem-solving mindset (and an experienced Realtor who’s navigated the process with many clients before you) it is possible to find a new place to live after selling your home quickly. Without losing your sanity.
5 Options for Where to Live After Selling Your Home
1. Rent.
While most people aren’t too excited to move twice, renting is the option that will provide the most savings in the long run. Six to twelve months of renting means no property taxes, maintenance, or repairs: Simply sit back, save money, and let someone else mow the lawn until you find that perfect dream home. Capitalizing on the seller’s market (by selling your home) + time for market to stabilize a bit = a winning situation for you.
2. Leaseback.
Negotiate a leaseback with the buyer. This allows sellers to stay in the home for a specified amount of time–providing extra time to search the market or wait for the right home to come on the market. Remember that bidding war/multiple offers situation we spoke of? It means that, at the moment, buyers are more flexible and more likely to accommodate requests made by sellers. They want the house and they’re prepared to make a concession or two to get it. How long is the average leaseback? Thirty to sixty days; not to exceed 90-days.
3. Carry two mortgages.
Not everyone can pull off this option, but for some, it beats being homeless or having to rent and move twice. Ask your lender (or my lender, Shawna Verrett) if you qualify to carry your current mortgage and also carry the mortgage of a second home. If timed right, this can work beautifully!
4. Couch Surfing
Temporarily moving in with a family member while you search for the right home is an option many are turning to; those guest rooms and driveway RVs are finally getting some real use!
5. New Construction
If timed right, it is entirely possible to close on your current home and close on your new construction home nearly simultaneously. Timing is key! A few of our favorite Boerne subdivisions/locations that are still offering new builds: Esperanza, Fair Oaks Ranch, and Ranches at Creekside.
It can be done.
Understandably, the prospect of selling a home without a clear-cut path to what comes next is daunting. But, with a bit of creativity, experience, flexibility, and a dash of courage and trust, it can be done. Ready to learn more? We’re ready to help!
Staci & Hal Gahm serve the real estate needs of neighbors in the Boerne, San Antonio, and surrounding Hill Country communities. Their Texas Hill Country roots run deep, as this has been their home for over 30-years. The Gahms settled in Boerne for its friendly people, honest values, and small-town charm. When not tending to your real estate needs, the Gahms enjoy the great Hill Country outdoors with their daughters, Halli and Brooke, and their King Charles Spaniel, Dixie.
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