Ask about a contingency clause.
A home sale contingency is a clause in your contract that essentially states that you won’t finalize your home’s sale until you find a new home. Ordinarily, buyers find such clauses to be off-putting because it creates a lot of uncertainty in their own timelines. However, when demand is very strong like it is now, there may be a buyer out there who has a more flexible timeline for their move. (For instance, a family in the market for a home but doesn’t want to move until the new school year starts). We’ll discuss it together to see if a clause would make sense for you.
Consider a bridge loan.
One of the reasons sellers panic about being in-between homes is dipping into their savings to cover the unanticipated living expenses, especially as the sale is pending on their current place. A bridge loan is a short-term loan that can cover you in this instance. (It can also add to your home purchasing power, in case that opens up more options to consider buying.) The downside is that these loans often have higher interest rates and quicker repayment periods. Do the math and read the fine print to see if this makes sense for your situation. Need some advice? Let’s connect
Look for a “vacation” rental or corporate housing.
Whether you’re located in the city of Denver, the mountains of Summit County, or a small town that’s popular with tourists like Boulder, there are seasonal rentals to be found. While the seasonal vacation rental market is projected to pick up as travel rebounds following all that 2020 brought, these rentals weren’t going as quickly as annual rentals. In other words, there are more options to be found, often at prices lower than they’d traditionally go for. Look out for deals for off-peak rentals especially. Another option is corporate housing since they typically offer more flexibility as you settle into your new area. Both vacation rentals and corporate housing tend to be furnished, so if your furniture is in storage until you’re able to buy your new home, you’ll be comfortable the whole time.
Add rentals to your home search.
Yes, you should look at the complexes in your area to get a sense of their availability and price, just in case. We have great insight about our local market and connections to agents to specialize in rentals — and not just homes for sale. Additionally, some of our clients may be on the fence about listing their home. They may consider a rental arrangement, be former buyers who purchased multi-family homes or are former buyers who purchased vacation homes that are rented out in the off-season. Which brings us to…
Hire an agent with connections.
When it comes to securing a new home in a limited inventory market, sometimes, it comes down to having an agent who knows how to leverage their connections. As your real estate agent, I’m prepared to tap into our database of potential sellers in the areas that you’re considering buying. From there, we’ll have conversations with each interested seller and set appointments to preview their home for you. If we can help find potential homes to showcase to you so that we’re not only helping you sell your home but ensure that you can buy a home as well, we will.