Selling a home in Paoli or anywhere, in this transitioning market, can be intimidating and hopefully this blog will shed some light on a pathway forward. If you won a house, you have probably accumulated some unbelievable equity, but how do you unlock this cash and buy your next home when there are so few homes available to buy?
The answer is two-fold:
- You list your house for sale now and when your get your amazing offer, you set a longer settlement date and/or you put a contingency on your acceptance that you must find suitable housing
- If you need a mortgage on your next home and you are not happy with the rising rates, first you should view the attached history of interest rates in the past 50 years and realize that 6.5% is still fabulous, and then consider a 3-2-1 Buydown starting at 4.5%
As an experienced agent, I have seen all kinds of markets since 1984. The interest rates back then were 18% for a 30-year fixed rate, so we had to come up with strategies to help buyers and sellers find ways to make a move. This market is challenging due to the lack of inventory, but you can easily overcome that because your buyer will totally understand how long it took them to land a house, so the contingency shouldn’t be a problem for anyone and your Realtor will love the flexibility to allow you to look at a more peaceful pace rather than the frantic and anxiety ridden pace that we were used to in the past 3 years.
Finding a home in a low inventory market can be a little tricky but an experienced Realtor knows how to cold call neighborhoods that you want to live in and find sellers before they hit the market, so you have a chance at a private sale without the competition.
Call or text me at 610-613-0733 and let’s chat about how I can help you make a move today.