Believe it or not, I’ve been running into this situation a LOT lately. I’ve also experienced it personally about a year and a half ago.
Say your family is growing. You’re busting at the seams (drywall seams haha). You know it’s a seller’s market (bonus!). You’re definitely ready to sell or maybe even on the fence. But wait, where are you going to go?? It’s a difficult scenario. There are multiple ways to approach this situation. I’ll be honest: It may not be easy, it may not be cost-effective (I’ll explain later), but it will be so worth it to bite the bullet and MOVE ON! In this blog post I’ll tell you my personal experience and explain a few approaches to your unique situation.
I bought my first home at the ripe old age of 21…. Without a Realtor, which was a huge mistake and a blog post for another day. So my first home was a super cute bachelorette pad to call my own <3. Fast forward 11 years and my 900 sq ft basement-less, garage-less, tiny house was filled to the max! Two adults, two children, and two 90 lb dogs… too much! We needed out – but where would we go? We spoke with a lender and a good option (Option #1) was to find a renter. Unfortunately, the home was not renter-friendly in our minds. Option #2 was to write an offer with a home sale contingency. Unfortunately, we couldn’t find any homes we liked so this option didn’t come into play. This can also tend to be a difficult option in a seller’s market. Option #3: Sell our home and pray for the best. Not sure if we chose this option or it chose us. This option has the possibility of multiple outcomes. We listed the home. Got an accepted offer, chose a closing date that would give us time to find a home. Unfortunately, we didn’t find one in time. This is the part of the scenario where it may not be cost-effective. We had to rent 2 separate homes on a weekly basis for two months while we searched for our dream home. I have a friend that stayed at a hotel while they were on the hunt for a couple of months (with FOUR children!). It’s a bump in the road that you’ll be glad you did when you’re sitting in your dream home taking it all in! If you do go this route you MUST work with a realtor you trust, you can tell them everything and they’re receptive to what you’re saying. You need to know what you’re looking for in a home and be able to verbalize your wants/needs. Even showing your agent homes that have sold or homes you’ve always envisioned yourself in. Always been eyeing a stunning home on the way to work? Tell your agent the address!! I found our dream home and it wasn’t even on the market!
Let’s explore your options.
Option #1
Find a Renter
It’s actually pretty easy to find a renter in today’s market. Don’t want to deal with the hassle of paperwork, collecting rent, and numbers? An agent can list it for you! Accepted offer and you’re ready to start shopping! Two mortgages scare you? Try Option #2 or Option #3.
Option #2
Write an Offer With a Home Sale Contingency
You may feel most comfortable with this option, but be wary. I get the fact that you haven’t seen anything you like and you don’t want to list until you see it pop up. Chances are if you’re waiting for the right home to come along – well so is someone else and they don’t have a home to sell! They’re pre-approved and the seller is going to accept their offer before yours because they don’t want to wait on you to list and sell your home. If you decide to take this route you may want to have your listing contract signed and professional pictures ready. This option could also be the most heartbreaking if your dream home slips away.
Option #3
Sell Your Home and Pray for the Best – A Choose Your Own Adventure Option
This option could have multiple outcomes. It also has the possibility of being the most difficult. In our case, our home sold and we didn’t see anything we liked. I had a realtor that knew exactly what I was looking for (me haha) and found it – unlisted, no competition! The best part was that we were pre-approved and ready to move! Like I said there are multiple outcomes to this scenario and I can explain all of them in detail. Feel free to call me at 262-215-4364 or email bhausner@keeferealestate.com. I’ll help you determine the plan that’s best for you. You’ll be enjoying your new dream home in no time!
Brenda Hausner
I was born and raised in Delavan, WI. At age 21 I decided to purchase my first home; a cute cottage in Williams Bay. My first purchase included two of my passions: Williams Bay & Real Estate. Williams Bay is such an amazing location on Geneva Lake! With its quiet community, family activities, parks, beach, and great schools I knew this was a place I would want to raise a family. As my family began to grow, we decided to sell our Williams Bay cottage. The sale reignited my passion for Real Estate. In my first year as a Realtor, I closed 16 transactions. Nothing makes me happier than finding homes for families in the place they love and belong!
