Home Sellers Challenge in Buying New Residences

Home sellers are in front of a remarkable problem! They are challenged in buying a new residence in 2017. They are having a hard time finding a replacement for their residence.While surveying 800 real estate agents working with the Redfin brokerage in March, 65.6 percent of respondents said that low inventory was the greatest challenge facing the sellers in their markets. And that homes available have become very popular very quickly: 57.2 percent respondents reported being involved in at least one instance of a home receiving 10 or more offers this year (multiple-offers); a mere 1.8 percent of agents said they yet to be involved in a bidding war.

What can sellers do to ensure they have a place to live when their house is sold? Eileen Lorway, a Redfin real estate agent in the Boston area recommended that sellers should go ahead with their house sale before securing the purchase a new home.

“They should consider temporary rental options, or moving in with relatives after they sell,” she said. “Then they will be able to take the time they need to find their dream house, know exactly what they'll have to work with financially, and won't end up adding unnecessary contingencies to offers, which will give them a better chance to get the home.”

Bottom Line

We realize that it is a fantastic time to sell your house at an almost all time high rates, but you have to consider many factors surrounding the sale of your existing home; including your new residence.