Saturday, June 21, 2014

I'll Market My Home When I find Something

This past week I listed a ranch home in Gahanna Heights.  The market in this particular subdivision is  very healthy and we received requests for multiple showings within hours of listing.  Less than 12 hours after going on the market, a buyer offered, and the home was in contract.

Since that time I've received a number of calls from people inquiring about the home.  Two of the calls were from folks interested in down sizing, needing to ditch the stairs and find a ranch.  Unfortunately, both of those calls also commented that they don't want to part with their current home until they find something they like... Not going to happen!

Because of the current market conditions, if you have a home to sell and are searching for your next home, you are setting yourself up for disappointment after disappointment.  Sellers today are not accepting contracts that are contingent upon the sale of a home (unless it is firmly in contract).  It just isn't necessary to lock yourself into a deal when there are plenty of buyers out there ready and willing to make an offer (even as quickly as the example I gave above).

So, if you are looking to move you'll need to:

1.  Get positioned for financing:  Speak with a Realtor about the pricing of your current home.  Speak with a lender about how much home you can afford considering the sale of your current home.

2.  Stage your home:  Tidy up, begin moving things out into storage if you have clutter, and be ready to list your home.

3.  Get your home on the market:  Price it right for the condition and you'll be moving soon!

4.  Start searching for the next home:  If you've priced your home correctly, you can reasonably expect to be in contract within 3-4 weeks, if not sooner.  If you find the next home and still aren't in contract, it's a race to find a buyer.

5.  Determine the best offer:  Offers with contingencies such as financing, inspections, and even closings of the buyer's current residence can hold up the closing of your home.  Offers without contingencies, or with fewer, are stronger because your future is more certain.

There is certainly much more involved than the steps above, but the bottom line is that you had better be ready to market your current residence before you move into the mindset of searching for the next one.  "I'll market my home when I find something" is a mindset that will only set you up for frustration.

Take care,
Scott Morrison
scottmorrison@kw.com

Take a look at properties for sale in Gahanna

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