With low inventory in many markets throughout San Diego County, many homeowners are afraid to sell their homes because they’re concerned that they may not be able to find a new one. This can be a real problem, but if you are seeking to sell—whether to upgrade or find a new neighborhood—there are a few ways to combat the low inventory.
Look to buy first In most markets it is a real mistake to put your home up for sale before you start looking for your new property. Identify the geographic area where you are interested in buying. Even if you don’t see anything online, it doesn’t mean you can’t or won’t find the right home. Then, once you’ve identified a few prospective homes, now is the time to put your home on the market right away. You’ll want show that your home is already for sale when you write your offer— that way your offer looks more enticing to other sellers.
Think outside the box Be proactive! Keep in mind that there are probably many people like you who want to make a move but are afraid as well. Have your real estate agent send a letter to the neighborhoods in the geographic areas where you want to live. The letter should be heartfelt and personal while announcing that you are ready to buy a home in that neighborhood. You could find a home to buy that may not even be currently listed or for sale.
Protect yourself legally Just in case your purchase falls through, talk to your real estate professional about adding a clause in the purchase contract for the home you are selling that will enable you to not sell the home if you cannot find a suitable home to buy. This is a fairly common practice in San Diego County, and California even provides local Realtors® with the necessary forms in order to facilitate this negotiation.
If you or anyone you know is considering making a move, the agents at Broadpoint Properties can help. Feel free to contact us anytime!