Where Will I Move If I Sell My House?

If I sell my house where am I going to go? I have been hearing this question quite a lot recently, so I wanted to dive into it a bit today.

It’s definitely a seller’s market right now across the United States, but especially here in the Treasure Valley. If you’re considering selling your home, but you’re worried about finding another home before your closing date, then listen up. I want to suggest a few solutions to this problem.

When you’re selling your home for a higher price, then you can buy a higher priced home for the same/similar mortgage. We’ve hit historic lows with the current interest rates which really helps in this situation. For example, people who bought a home for $225,000 two or three years ago are likely able to sell their home closer to $325,000-$350,000. They can now take this large amount of equity from their home and combine it with low interest rates to get into a more expensive home. These two price points are very different markets in this area, so you may be moving into a higher price point that doesn’t have 5+ offers on it within the first week.

You can also ask for a rent-back agreement. A lot of people don’t know this is an option. When you do sell your house and you are worried about closing before you’ve found another house to move into, you can always ask the buyers for a rent-back agreement. The enable you to live in the house for a certain time frame after closing. This also is beneficial because after closing, you will have a stronger offer that’s no longer contingent.

Other options:

• Find a short term rental while you continue your home search
• Move in with family or friends

There are many solutions to this often asked question. If you have any other questions, feel free to reach out to me anytime!