We’ve all heard the old saying about being caught between a rock and a hard place. Well, unfortunately, that’s where many homeowners find themselves when they decide to move from one home to another. When considering purchasing another home, the big dilemma is deciding whether to buy first or sell first. Either way can be risky because you could end up owning two homes or no home at all! This has been a concern on the rise in this crazy market, where we are seeing record-low inventory. Since we have been asked this question now more than ever before, we are going to answer how it’s possible to buy a home and sell one simultaneously in Richmond, VA!
To avoid both of these equally bad scenarios, your realtor will have to develop a plan of action to ensure you close on both transactions virtually the same day. To do this, they will first assess the market in Richmond, VA, to determine if it’s a seller’s market or a buyer’s market. This information will decide what you do first—buy or sell?
Selling in a Seller’s Market
In a seller’s market, like today’s current market conditions in Richmond, VA, there are more buyers in the marketplace than there are homes available. In fact, inventory is at a record low right now! In this situation, your current home will likely sell more quickly than you’ll be able to find a new home. Since it will be harder for you to buy in this market, you should focus on finding a new home before you list your old one. Once you find a house you love, you’ll submit your offer with a sale and settlement contingency, which means you’ll buy the home only if you can successfully sell your existing home. You can also request an extended closing past the typical 30-45 days if you’re confident your home will sell, which it likely will in a seller’s market. You wouldn’t want to sell first in a seller’s market, because it’s pretty much guaranteed that your home will sell. However, it’s not guaranteed that you’ll find a new home in time! Selling first would pressure you to choose a house you don’t truly love, or you could end up without a home at all!
Selling in a Buyer’s Market
On the flip side, in a buyer’s market, there are more homes available than people looking to buy. We are not currently in a buyer’s market in Richmond, VA, but here’s how you would sell your home and buy one simultaneously in one. In this type of market, you’ll likely have an easier time finding your new home than you will selling your old home. As a result, it’s wise to sell your home first, since you’ll have a harder time doing so. In this case, you’ll list your house first, and once you have an offer in hand, you’ll start looking for your new home. When you find a house you love, you’ll submit an offer with a settlement contingency, which means you’ll buy the home contingent on the sale of your existing home closing. You wouldn’t want to buy your new home first in a buyer’s market, because your old home might sit on the market for longer than you want, and you could miss your closing date!
Secure a New Home With Our Team!
This financial and emotional tightrope of deciding whether to buy or sell your home first, is one many homeowners feel they have to walk alone. However, The Reynolds Team has developed a new and innovative program that actually guarantees the sale of your home and takes away the stress of owning two homes or none at all when going to purchase another house. We call this scenario, “The Real Estate Catch 22,” and developed the “Guaranteed Sale Program” as an insurance policy for our clients. We Guarantee We Will Sell Your Home Or We Will Buy It!* Never worry again about missing out on your dream home, owning two homes, or none at all!
Don’t get stuck owning two homes! If you are looking to buy a home but have one to sell, you are finding yourself in the same dilemma that most homeowners find themselves in. We can help! To discuss further, CALL The Reynolds Team directly at 804-655-0651!