What are Move Up Buyers?
If you need or want to sell in order to buy another home, you will often fall under the category of “move up buyers.” This can be one of the more challenging transitions, but is very common.
List or Buy First?
The challenges begin by deciding whether to list their home or attempt to find a home first. In a fast moving seller’s market, it is difficult to find a home first and foremost. Then to hope it is still available by the time you sell your current home is another type of difficulty. It is possible the seller isn’t willing to risk holding their home for you as the buyer. They may have other and better options coming in. If the seller/ buyer writes a home sale contingent offer on another home and that seller accepts it, that seller can still market their home. That original offer can possibly be “bumped.” This is a difficult situation. On the other hand, a seller can list their home, but it may sell before they can secure a home they wish to purchase. It is definitely ‘the cart before the horse’ scenario.
Even though it can be challenging, it often works out just fine. It is best to discuss with a realtor the current market conditions and determine, based on each individual situation, which steps are advisable first and second. The home’s location for both ends of the transaction is a major element to take into consideration.
Why have a back up plan?
We recommend you have a backup plan as to where you could go for a brief period of time. This would be helpful if your home sold before you find your next home. It is too important to find the right home than to settle because of timing. You often won’t need to use your back up plan, but having options and planning ahead can ease the worry.
Remember this is something that is done all the time. Not everyone is a first-time buyer, so more often than not, there is a chain reaction in buying and selling. An experience agent will help you look for solutions to avoid a double more. Sometimes a rent back or early occupancy options in the more sensitive situations can work. Much of this may sound confusing and that is understandable which is a key reason you should have a qualified real estate agent you trust to assist you through the process.