You’ve decided it’s time for you to move. Whether it is because the market is hot, you’ve outgrown your existing home, you’re downsizing or it’s time for a change, your concern about getting stuck in the middle is a reality. How do you balance this transition? It is a question that many homeowners face and one that can be answered by an experienced, reputable and qualified real estate professional.
Moving from one home to another can be stressful because there are so many moving parts. Whether your stress is around finding reputable movers, a real estate attorney, the right mortgage broker or understanding how to manage life between selling your existing home and buying your new one, your agent should be able to help guide you through the process. Ideally, you would like to time the sale of your existing home around the same time as purchasing your new one. But that is not always the case.
There are several schools of thought when selling and purchasing a home; do you find your ideal home first then list your home, or do you list your home first, find a buyer then go looking for your ideal home? There is no right or wrong answer, but there are other factors to consider, like the location of your existing home and the area you are considering moving to. Not only does the market drive some of those answers, but the closing pre-requisites and financial requirements will also determine how long the process may take.
If you’re moving within the same area, you can use the same agent to sell your home and buy the new one. Even if you’re moving outside your area, your agent can assist you through one of their local affiliates with the purchase, in the area you are interested in. Real estate brokers, through their network, established relationships and partner affiliations offer homeowners the ability to shop locally, even if it’s outside the neighboring area.
When considering selling your home, start off by choosing a seasoned real estate professional who has a deep understanding of the current market, your neighborhood and who has a presence outside of your immediate area. Franchised real estate brokerages offer world wide exposure for your property and can bring in buyers who may be interested in a property like yours. Having your property exposed to a broader market typically results in stronger buyers and potentially higher prices.
Discuss your concerns with your real estate professional as they have come across many similar concerns in the past and can help you sort through them one by one. Whether it is preparing your home for sale, addressing issues that may arise during a home inspection or the purchase process for your new home, your real estate professional can be a great resource for all matters. They can also help you through timelines, expectations, and many other nuances that come with selling and buying a home.
Your agent should represent your best interests, whether buying or selling. The agent’s fiduciary responsibility is to act on behalf of their clients, to get your home sold, in the least amount of time, for the best price and with the least amount of stress. The agent will also let you know if a real estate attorney is necessary for your transaction. In some states and local municipalities, attorneys are required and need to be included in all communications.
Communication is paramount in navigating the selling and buying process. Your real estate professional should advocate on your behalf and keep buyers and sellers apprised of your needs with respect to housing. If there is a delay on your new purchase, clear communication should be provided to the buyer and the buyers agents so that they are aware of the delay. So to, if there is a delay in the sale of your home, your broker or agent should be notifying the sellers of your new home that there may be a delay.
The more knowledgeable and prepared you are when buying and selling your home, the more successful you will be in making the transition a smooth one.
Fran Reali, Broker Owner BHGRE Safari Realty
(718) 442-5200 www.franreali.com
