Lane County’s current real estate market is great fun for sellers and wrought with challenges for buyers. We seldom experience a perfectly balanced buy/sell market. But how do you navigate this kind of market when your goal is to sell and immediately buy?
How to upsize or downsize in Eugene and Springfield, OR
It is possible, but in today’s market, which offers less than two months inventory of homes to sell, it is critical for sellers who intend to buy directly after selling their home to plan strategically. Examine all the possibilities: what if you don’t get as much money as you expect from your current home? What if you can’t find a replacement home? within the window of time between when you locate a buyer for your home and when they take possession of the house?
As you consider making a move, create a clear vision of your desired outcome–your next home. How would it be different than your home today? Are there rooms that are overloaded or underutilized in your current space? In what ways could your next home better suit today (and tomorrow’s) lifestyle?
The next step is to assess the financial feasibility of a move. I often visit clients’ homes when they are exploring the possibility of making a change. Have your Realtor come to your home early in the selling process. By viewing the home, the Realtor can alert you to concerning conditions that may prevent you from optimizing the proceeds of the sale. These concerns may require an outlay of cash initially to net a higher return at the time of sale. This could involve deferred maintenance, repairs or updates to the home.
The importance of a professional market analysis
The Realtor can also provide a market evaluation of your home. This detailed report will recommend a list/sale price range for the property based upon the home being sold in today’s market. It is critical that your Realtor understands that you need a conservative, research-based price assessment for planning purposes.
With this data in hand, visit your financial adviser, or a reputable lender and get prequalified for a mortgage loan. Spend time exploring your financial capacity for mortgage payments, and more importantly, explore your level of financial comfort. Could you procure a mortgage prior to selling your home if the right home came up for sale?
The power of data and guidance from your Realtor
Then it is time to explore the opportunities and likelihood of successfully finding the home you are seeking. This is best discovered by talking to your Realtor. During these kinds of discussions with my clients, I provide data of homes like what they are seeking that recently have sold. We look at sale prices, how long the homes were on the market and how far off the list price these homes were sold. We look also at the geographic areas where homes that meet my buyers’ preferences are found. Working together, we establish realistic expectations and parameters for the home the buyers are seeking.
If you want to upsize or downsize after you sell in a strong sellers’ market, you must plan from both a seller’s and a buyer’s perspective. Exploring your options and seeking guidance from a trusted Realtor will empower you to sell and buy smart.
Contact Marcia
Marcia Edwards, MBA is a Principal Broker at Windermere Real Estate of Lane County. Marcia offers expertise to homebuyers and sellers in the Eugene area. To learn all the steps to selling and buying smart, contact Marcia at me@marciaedwards.com or 541-221-1454. RealEstateSmart.org