Let’s take a look into how to buy your next house… and everything that comes with it.
Do you find yourself daydreaming of the next place to call home? Maybe you’ve had a big life change like you’ve had a kid or two. Maybe your commute changed. OR your plan all along was to buy a starter condo and then move up into a nice sized home. If you’ve been watching the market at all in Encinitas and around the country, chances are you’ve seen it’s a great time to make a move and cash in on your investment. So where do you even start? I’m here to answer those questions and get you from one home to another – read on little dreamer and maybe your next move will be straight into your ultimate dream home.
First, Take a Look Into Where You Want to Buy Your Next Home
Are you ready to make a change? If you’ve outgrown your house or want to get into the market, now is a good time to do your research and really plan. Talk with a Realtor in your area who knows the different communities, price points, and pros and cons of specific neighborhoods. Nail down size of home – how many bedrooms, bathrooms, and extra living space you are aiming for. This initial beginning will help you plan for what budget you can work with… but this comes next (I’m getting ahead of myself here).
Get the Most Out Of Selling Your Home
If you’re in the position where you were able to buy a home or condo and now are thinking of buying your next home, you’ll want to make sure you can get the most for your home when you sell. This means that half finished remodel should be completed. Any updates you’ve been planning that will add value to your home are great. A Realtor can also help advise you on what you could do to get your home “market ready” – suggestions like fresh paint, flooring, and decluttering is a start. You can work with your Realtor on pricing your home to sell – then you’ll be able to get an idea of what your “net profit” will be. This means what you’ll have left after selling your home to move up. Ask your Realtor for a “Seller Net Sheet” so you know what you can work with as you start looking for homes. We would be happy to help you, just reach out to us.
Get Your Home Listed On The Market
Gone are the days when you had to scour the newspaper ads and drive around finding open houses. Now you can get homes for sale sent directly to your inbox. So once you’ve worked on the above you’ll have your Realtor list your home and *bada-bing* straight into the inboxes of (hopefully) hundreds of potential buyers waiting for a home like yours. Open houses, broker opens, and showings are the key to exposing your home on the market, a good Realtor will position your home and market it to the right audience.
Find The Right Buyer(s) & Accept Their Offer
So now that your home has been listed on the market and is “active” in the Multiple Listing Service, the hope is you have offers flooding in. Once you sit down and review offers with your Realtor, it’s time to accept the right buyer and get your home into escrow. When picking the right buyer you will want to consider things like financial strength (i.e. what type of downpayment can they make), determine their motivation to buy (are they serious buyers… so there is minimal risk of backing out), and timing/terms of their offer. What this means is if you need to sell your home before you buy your next home, you will need buyers willing to write an offer based on your contingency to buy your next house – they will need to be flexible with timeframe to allow you to put in offer in and get into escrow. It’s a tricky balance but a good Realtor team can allow you to smoothly transition from one house to the next.
Search High and Low and Buy Your Next Home
So the whole point of this article is to help you buy your next home… but as you can see there is a lot more to it (specially if you need to sell your current home first). While you are busy selling your home, you’ll also be looking for that next place to call home! Your Realtor will send you properties and set up showings to help you find the ONE. In this type of market where inventory is low, it is beneficial to move fast if you like a home and write your offer as soon as you are ready. Again your Realtor will negotiate terms and advise you on how to best get your offer accepted. Once your offer is accepted you will open escrow and the timing of selling your home and buying your next home will be coordinated through escrow scheduling (a good escrow team and Realtor will make this complicated situation feel a little easier).
Getting the Call That Escrow has Closed!
There may not be a better feeling than picking up that phone call from your Realtor that your home has recorded and escrow has closed! Possibly in your instance it would be “concurrent closings” where your home sale closes the same day you purchase your next property. But once that happens you can breathe a little easier and congratulate yourself that you just made it through a very hectic but exciting experience. Settle into your new home and pop the bubbly!
Now that you’ve read this article, are you ready to make the leap? For more info on how to begin the process let’s start with a coffee or two? We can chat about your dreams and wishes and help get you to where you want to go.