Buying Your Next Step Home
Posted April 17, 2023 in Real Estate Trends
It is that time of year and I have had quite a few folks recently ask me about buying a new home if they currently have a home. This is a question that might be on your mind as well, and it’s a good one!
Step 1. When you are thinking about selling and buying your next step home, we must start with looking at your current home. What is the market value of your home? What do you owe on your home? Let’s look around your home to see what we might need to do to present your home in the best light for selling it. Let’s talk about the comparable homes in your area. What homes are active? What homes are pending How long were they on the market, and at what price did they go pending? What homes have sold in the past 3-4 months? How many price drops did these homes have? What price did they finally sell at? Were there closing costs included? Once we have a market value for your home, we will be able to see what you will net after all the fees, taxes, and costs are applied. is is your equity. We will talk about who is most likely to purchase your home, how we are going to reach them, and what timeline you are looking at. Let’s not forget to talk about how we are going to show your home and go over the paperwork involved in getting your home out there for everyone to see.
Step 2. Once you have all this information, let’s go back to your lender and let them know what your net is going to be from the sale of your current home. Your lender is going to get all your information for a pre-approval just like they did when you purchased your current home. The best thing though is now you have equity from your current home to put down on your next step home.
Step 3. Now that you know what your sale is going to look like, and what your purchase is going to look like, it’s time to get your home on the market. We are also going to start looking at what is on the current market for your future home. The ultimate goal is to have your next home lined up and pending while you get a great offer for your current home. This is the ultimate goal, but it doesn’t always work out like that. Sometimes you get an offer on your current home before you find (and get an offer accepted) on your next home. Sometimes you find a fantastic home and get your offer accepted, but you are having issues getting an offer on your current home. There are a lot of moving parts with this portion. The end result is getting you into your next step home and handing your current home over to the next people.
I am always available to answer questions, and to assist you with your home buying (& selling) adventure!