GOOD TIMES
view from one of the
Mt. Hope Bay condos
Buying and selling
in a one-sided market
Eliz abeth Schultz
You can make big profits on the sale of your home right now thanks to a lack of housing inventory and a backlog of buyers just waiting in line to buy your home. We are seeing an influx of buyers coming in from other states and cities looking to move to the suburbs.
But if you’re looking to trade up or There are just too many strong buyers out downsize once you sell, the same thing there with nothing to sell. that will have made it so easy for you to If you have the luxury to temporarily have sold your home will make it difficult stay with a relative or friend after your for you to find your next one: a lack of sale while looking for a home that is also inventory. Your best bet right now, if posa great option. sible, is to sell your home and capitalize There are many ways to get to where you on the market as it stands today and rent want to be. It is important to hire an expeuntil you can purchase your next home. rienced Realtor® who can navigate you This puts you in a much better bargaining through all the twists and turns of selling position to win a bid in a market that is and buying. And, most importantly, to putting all buyers in stiff make sure you and your competition resulting in interests are protected ellers bidding wars. along the way. our best bet A good way to protect Buyers: yourself is to have the know by now it is capitalize on isYou sale of your home “suba very tough market ject to suitable housing.” the market as it with limited inventory In today’s market you and fierce bidding will find a buyer who wars. I am sure you stands today and will be willing to wait for have heard the very you to find a home, but rent until you first thing an agent again, it may be hard to ask you is if you are compete against a buyer can purchase preapproved. We do not who has nothing to sell. to waste your time your next home want Therefore, you should or anyone else’s! Before not be looking at homes you can say, “I like this until you have your home on the market house” it is gone! You must be prepared or buyer in place before you think about in this market by being fully preapproved. putting a bid on another home, unless It is the most important first step before you can purchase without selling first. you begin your search.
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What does fully preapproved mean? This means providing a bank or mortgage company with all documents requested. For example, W2’s, tax returns, pay stubs, and bank account statements. This up-front work will save you tears and heartache in the future if your deal falls apart, which no one want to have happen.
Buyers: Get fully pre-approved before you start shopping Once you are fully preapproved, it’s time to go shopping. Find an experienced Realtor® to help you. They are experts on current market conditions, they know what pitfalls to watch out for and they can advise you on the best way to approach an offer on a home. In short, they have your back and can also connect you to trusted partners if needed, such as mortgage brokers, real estate attorneys, inspectors, insurance agents, and more. A good Realtor® will educate you in the process so there are no surprises along the way. Be patient. This market is tough for buyers. You will lose out on several homes but don’t give up! Your house is out there, and I am a believer everything happens for a reason and you will end up where you should be. It will be a wild ride in real estate this year so buckle up! I promise it will be worth it in the end! Happy spring house hunting!
E lizabeth S chultz is a real estate broker and owner of Avenue 5 Real Estate located in Tiverton, RI and is licensed in both RI and MA, as well as a member of the National Association of Realtors. She can be reached at lizschultz220@gmail.com.
