Sound Advice 07-12-24
A frequent dilemma homeowners face today is whether to sell their homes without the assurance that they’ll find and be able to afford a new one in the current market. RE/MAX On the Bay Broker Associate Geoff Smith offers some perspective for those weighing their options:
“We still have a very low inventory of houses to choose from, and unfortunately for our area in New London County, we are not seeing any signs of that changing in the near future. However, there are options that may be useful for those who want to take advantage of a great time to sell, but are concerned they might not be able to find a home to buy. One of the most popular strategies is to list your home for sale, contingent on your ability to secure your next home. In this scenario, the buyer of your current home would agree to wait for a set amount of time as you continue your search. In the worst-case scenario that you are unable to find suitable housing in a reasonable amount of time, the sale would be void and you would be able to stay in your current home, or return to the market in search of a new buyer willing to wait. This, along with other strategies, can help ease the stress and pressure of selling a home without having somewhere to go.”
Have a question for a local Realtor? Ask it here: welcomehome@theday.com
Geoff Smith
Broker Associate, RE/MAX On the Bay
Office: (860) 739-0888
Mobile: (860) 912-3209
geoff.smith@remax.net
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