How to Avoid Homelessness after Selling Your Home
Homelessness is a concern many homeowners face before entering into the process of selling their homes. Maybe you’ve been thinking about selling your home but the market is just so crazy right now, you’re not sure you would find a new home in time. I hear that, but life is too short to stay in the same space you’ve outgrown for too long. The solution is to go to market with the right selling strategy. You need a plan that is workable and a blueprint that keeps you in control of the sale. A real estate agent like myself can help you develop and execute on this strategy.
At Germyn Group, we look at selling as a set of checkpoints. To progress to each step, you must complete each checkpoint in order. The first checkpoint is to get confident in your plan. Then, you need to visit some homes within your budget, put the pieces together, and choose your options for staying in control. I’ll go into each of these checkpoints in depth here.
#1 - Get Confident in Your Plan
Developing a plan you can be confident in involves consideration of two key elements: what you can sell your home for in today’s market and what type of home you can afford to buy. Carefully considering these elements will ensure the home you choose to buy is both what you want and within your budget.
To get an estimate of the current value of your current home, you may research similar homes yourself or you may opt to work with an appraiser. You can also request a no-obligation evaluation from a team of real estate professionals like Darin Germyn. If you work with a real estate professional, be sure to choose someone reputable who will not inflate the value of your home to push you to sell.
Once you know what you want and have a plan for what you can afford, you can engage with a mortgage professional to get preapproved for a loan. Be sure to ask lots of questions and secure a mortgage that will give you the best value for your interest payments. Once you’re preapproved, you’re ready to start shopping around.
#2 - Visit Some Homes within Your Budget
Before you list your home for sale, visit some homes that are within your budget in the current market. This is a great way to get comfortable with the type of home you are interested in. Stick to your favorite neighborhood and very quickly you will begin to notice commonalities in the homes you are visiting. If these homes are not quite what you had in mind, consider expanding your search, altering your criteria, or looking for ways to increase your budget.
#3 - Put the Pieces Together
Now that you’ve had time to get a feel for the market and put yourself in a strong position to buy, you are ready to get your own home ready to sell. If you have not already established a relationship with a real estate professional, we strongly encourage you to do so at this step. Your home is your most valuable asset, after all, and you should enlist the help of someone like Darin Germyn who knows the market inside and out to help you sell it. Otherwise, you could end up leaving thousands of dollars on the table.
A real estate professional can help you put the pieces together in both the buying and selling process so you are not left high and dry. We’ll also help you explore options for staying in control of the sale.
#4 - Choose Options for Staying in Control
When you work with a real estate professional to sell your home, we’ll help you make tough decisions like whether or not to buy before you sell. If you opt to secure the home of your dreams by buying before you sell, you have the ultimate leverage because at that point, you are committed to selling. However, it is the riskier approach. If you decide to take this route, a Realtor like myself will also work with you to secure things like bridge financing from the bank in case your home does not sell by closing.
If you choose instead to sell before you buy, there are a number of things you can do to achieve success safely. Four ways we help our clients do this is by requesting long dates for closing the sale of their home, including a unilateral option to extend completion date, making offers conditional upon clients finding and purchasing a home, and inserting a rent back option into their contracts. You can discuss with your real estate professional which of these options or others is best given your situation.
Get Ready to Sell with Germyn Group
You deserve to get to the finish line of selling your home safely and end up in a home that you love. You deserve to have everything play out in your favor. That’s why we invite you to get ready to sell your home with us.Since 2007, The Germyn Group has been successfully helping home sellers overcome these challenges. We have experienced incredibly aggressive markets—including 2007, 2015, and 2020–2021—but our strategies have ensured our clients go to market with a clear plan and full control over their home-owning destiny. This has allowed them to be able to sell their home for maximum value and take advantage of the fruitful market to sell their home all while remaining secure. If you are ready to take the next step in your home-selling journey, schedule a quick call with us today to get started.