The Classic Real Estate Catch 22
The Spring market has really picked up! The Leslie Benczik sold 18 houses in the month of March, some even in multiple offers!
The do I buy or sell first catch 22 is still on many people's minds... Expecially since it has become more challenging to sell a home.
We have some options for you to consider:
1. It is always the safest route to sell first. What happens is that your home gets listed, and while it is being shown to prospective buyers, you are looking at houses. Once your home gets an offer, you should have a clear idea about what homes you would like to buy. Once your home is sold firm, you will know exactly what you can afford and what closing date will work. This puts you in the strongest position for negotiating as a buyer in this market.
2. You make an offer conditional on the sale of your home. While this is becoming a more accepted practice in today's'market, making an offer conditional on the sale of your home does impact your negotiating power as a buyer. Many sellers are relunctant to accept this condition and some do consider if the other aspects of the offer are strong. Generally you can negotiate a better price with less cumbersome conditions.
3. Buy first, sell later. Unless you know for sure that worst case scenario is that your home does not sell and you can carry both houses. This can happen when people buy new. Just because the closing date is far away, does not mean there is little risk. In a declining market, we are cautioning people to trade in the same market and avoid committing on a home before having sold your current home.
4. The Leslie Benczik Team offers a Guaranteed Home Sale Program*. Details of this program and specifically how it can benefit you can be discussed after analysis of your home and plans for moving. This program can be a great benefit if you would like to purchase first and know that you have an option in your back pocket if the worst should occur.
If you have any questions or specific needs we can help you with, please dont hesitate to contact us at 905.477.7766 or by email at Rachel@getbenczik.com
*Some conditions apply to the Guaranteed home sale program. OAC. Not all properties qualify.
