Is This a Good Time to Sell Your Home and Buy Another One?
Yes! There is currently low inventory and many buyers. Consequently, if you list your home at the current market price, you may sell it fairly quickly and still be able to take advantage of the low interest rates available to homebuyers.
Having this advantage as a home seller, may tempt you to overprice your home. However, please keep in mind that everything is relative. By the time you are able to sell your home, the other homes may also be priced higher… and even the interest rate may be higher by then; therefore, affecting your buying power. And, if you sell now at a lower price, you may also purchase at a lower price.
On the other hand, you may wonder if the current inventory will harm your ability to purchase your new home. Although this is not the only option, hopefully, you have enough to put a large down payment and not ask for any closing costs or other concessions. The stronger your offer, the better chance you have of getting your offer accepted. Be flexible. Think about the type of offers you would like to receive on your own home.
Wondering if you should purchase contingent upon selling your current home? Well, the type of contingencies have a lot to do on the strength of your offer. Hence, an offer with this type of contingency may negatively affect the chance of getting an offer accepted. Perhaps, you may consider renting in between the time you sell your home and purchase the other one.
It may seem like a lot to process at first, but that is why your Realtor is there to help. Consult with your Realtor. Your Realtor may provide you with expert advice and even statistical information that may help on your selling and buying decisions.