The real estate market in Lane County is currently exceptionally hot. According to Trendgraphix, Lane County’s inventory of homes for sale in March 2016, excluding the Florence area,is down 35 percent since this time last year. On the other hand, pending sales are up 18 percent since last March.
The Timing of Home Sales
Many sellers do not have control over the timing of their home sale, especially when life’s events such as births, deaths, marriages, divorces and job changes provoke urgency to sell. However, other sellers do have the opportunity to choose their timing;expanding families looking to upsize their next home or empty nesters in too large of a home can sit tight until they see an optimum opportunity.
Both the home sale and the next purchase influence optimum timing. One should not be considered at the exclusion of the other. Many sellers in the market today immediately become buyers in the same marketplace upon the completion of the sale of their current home. For this reason, the soon-to-be-buyer is attentive to the buying opportunities before they feel confident in proceeding with the sale of their current home.
Working with Your Realtor
To choose the best time for your home sale, work with your Realtor to investigate the “micro-market” in which you will be wanting to buy. Do not start the home-shopping process yet, but instead look at all the homes similar to what you are seeking in terms of price point, amenities and area that have recently sold, especially in the past three months. Focus on these homes that were sold successfully:how long were they on the market before a sale? Did the seller negotiate off their list price to procure a sale? How big of a home could you buy based on these recent sales? This research will give you the confidence to move forward with your home selling plan.
Next, get a conservative “planning” number of the likely net proceeds you could procure from the sale of your current home. Take a good look at the data and the basis for your Realtor’s price, as you must have conviction in order to proceed with selling.
Talk to Your Lender
Now, visit your lender with the data you have gathered and discuss a financial strategy. This is a critical step for successful home selling.
Prep Your Home for Sale
Next, prepare your home for sale with your Realtor’s counsel and once the home is on the market begin your home search. You will want to have your finger on the pulse of your buying opportunities when the buyer of your current home makes an offer.
In order to optimize your next move, investigate the current market and set your strategy based upon the opportunities as both a buyer and seller in today’s marketplace.