Take the Home Test
When you currently own a home and need to sell the current home as well as purchase a new one, the planning of the sale and purchase can be best managed with diligent consideration of the following items:
- Realistically pricing your current home based upon the comparable homes that have recently sold in a similar location with similar amenities and upgrades. We are experts in this area!
- Do not price your current home based upon what you would like to purchase. The need for money does not increase value.
- Consult a mortgage loan officer to understand your financing options based on your net sale proceeds and what you qualify for. You should know your options regarding interim financing and conventional financing.
- Understand the current marketplace:
- What is the average time on the market for homes in the same price range as yours?
- What is the average time it takes to go from contract to closing?
- Use this time as an estimate of the time you will have to find your perfect home. Start looking as soon as you place your current home on the market. When you find your perfect home, make your offer contingent upon the successful closing of your home (that is under contract, we hope!). Keep in mind that in a tight market most sellers will be reluctant especially if the home you place an offer on have multiple offers.
Although it might be difficult to imagine purchasing a new home until your current home is under contract and contingencies have been met, you will be in a better position to negotiate with a new seller if your current home is priced correctly.
Team Pinto will keep you up-to-date on the inventory so that you will always know when the perfect home is available.