April 2021 – Today’s housing market is filled with multiple offers, high prices, tough buyer competition, and not enough homes for sale. While many home owners are taking advantage of an era that favors sellers, there are a myriad of reasons holding back others from selling. If you’re a home owner who desires a new home but has one or more of the following fears that keep you in place, read our advice.

1. Fear of not finding a home you truly love and having nowhere to go when your home sells.

There’s always the option to find a new home first and then sell your current home. That takes away the predicament of having nowhere to go. No matter what the market is like, there are strategies available for fast home sales. What if you must sell in order to buy a new home? A selling contingency can be used in the purchase contract for the new home. This contingency allows for an agreeable timeframe for your current home to sell before going through with the new sale. If you’re in a tight market where offers with selling contingencies are bypassed for buyers who aren’t requesting one, you have the option to sweeten your offer in other ways (price or a shortened contingency timeline) or show evidence of sales in your neighborhood that instills confidence of a quick sale.

2. Fear of the process of selling.

Usually fear in the process stems from misunderstandings or the need for more education about selling. Find a Realtor who makes you feel comfortable asking questions and who has testimonials to back up their expertise. Once you know you have a trusted partner in the process, the Realtor will guide you through the entire process from start to finish.

3. Falling in love with a home that someone else will get first.

It’s always possible that someone else will win a bid for a home you had your heart set on. The best solution to this fear is to try to keep emotions limited over the home itself. With patience, your home will be found and won. It also is a reality check about being as competitive as possible with price and contract negotiations. Your Realtor will list ways to improve your chances of winning out over other buyers.

4. A past bad selling/buying experience.

Perhaps a previous negative experience is making you avoid selling and buying again. Tell your Realtor what happened so that he can explain how he would handle such a situation differently. Give a Realtor the chance to show you his value and only work with someone who you believe has your best interest in mind.

5. The cost of moving will be too high.

Usually if a person can afford to buy a home, they can afford to move as well. When creating a budget for what you can buy, calculate moving costs upfront. Certainly there are ways to move on a tight budget. This is another area where a Realtor can make suggestions on who to use and how to get competitive quotes.

6. My house isn’t in good enough condition to sell.

Realtors are always full of suggestions for what you can do to improve the outcome of selling a home. There are both thrifty and pricey ways to improve a home’s condition. Your Realtor will tell you what you need to do to meet a desired price range, but it’s always your decision which avenue of improvement to pursue. And if you’d rather do nothing but clean, a home can be priced according to its condition.

7. The sale might fall through, then what?

While sales do sometimes fall through, it doesn’t happen as often as you might expect. If you have multiple offers, your Realtor might recommend that you choose the buyer with the best financial positioning (pre-approved buyer or cash buyer) over the highest offer. This helps eliminate the risk of losing a home to someone who can’t meet the requirements for a loan. Of course there are other ways a sale could terminate, but again, an experienced Realtor will help you navigate this road and get your home back on the market quickly.

Real Estate Term of the Week

Sale Contingency: One type of clause which could be included in an offer to purchase real estate. With a home sale contingency in place, the transaction is contingent on the sale of the buyer’s home.

Platinum Service Realty