We talk to people every day that would love to seize the opportunity to cash in on the massive amount of equity that today’s real estate market has given. The #1 concern is where to go when homes are selling so quickly. The move is either beneficial or necessary, and it makes sense. So, what do you do when this is your situation?
Here are the 7 steps that we have employed to help dozens of people move in a market I have not seen in my 30 years in the business. These are tried and true and can take a good bit of the stress out of your move.
1. Re-imagine your next home: instead of narrowing your criteria down to exactly what you want, broaden it to what you could see yourself enjoying with some amount of strategic changes.
2. Search homes that are no longer available to you: When you see a home go on the market at 9:30am and under contract later that day, it can be debilitating. Don’t let it! Leverage it and look at the home photos and details to see if it is a home that could have worked. Then, make a mental note of it. That home could have been yours if your were ready. So, get ready!
3. Resist the urge to regret: So many people look backwards and wish for something different. If only I would have purchased when the interest rate was under 3%. If only I would have jumped on that home. The list goes on. The most successful people only look backwards to determine what could be done in the future. Today is the time to act.
4. Build your team of experts: It is so critical to have someone on your side in today’s market. You’ll need a team of people that have the resources to move quickly, identify opportunities and safeguard your decision without delay. It usually starts with a real estate pro who is submerged and connected in today’s market. They will have access to other business owners who can inspect, provide rough estimates, finance, insure and predict what you should prepare for with your next home opportunity. A great agent may also have the ability to introduce you to off market opportunities. At a minimum, they will provide peace of mind and strategic direction on the best homes to consider and how to win during a multiple bidding situation.
5. Evaluate the pace of opportunity: When implementing step 2 over time (30-60 days) you will have a solid understanding of how many suitable homes are entering the market for you. If it’s more than a couple per week you will most likely have time to find something once your home is under contract. It’s time to move forward with a strategic plan. If you’re only seeing 1 per month or less, consider expanding your parameters or staying where you are.
6. Get financially prepared: Financing, Sale of existing home, etc.: It’s always critical to have financing in place and even more important in this type of market. Cash buyers usually are more attractive but are rarely ready to pay premium pricing on a home you would like to own. Your conditional approval letter will mimic a cash offer when presented well by your agent. If you are moving too fast for that, the next best thing is a pre-approval.
7. Ready yourself and those around you: Share with anyone affected by your move that you will be in ready mode until you are under contract on your next home. This means family, friends and even your boss at work. Asking ahead of time if it would be okay for you to jump away from work at a moment’s notice will go a long way when it comes to your employer understanding that it is a temporary endeavor.
It's time to roll and the game is very much like Boggle or Speed Scrabble. The faster and more adaptable you are, the more likely you are to win. And we can help you find a great home in less than 3 tries.
If you’d like to set up a complimentary consultation, please call or text to 919-906-3793.