|
Should You Sell Your Current Austin Home Before You Buy other Austin Texas Real Estate?
|
Should you sell your current Austin home before you buy another Austin house - or should you find your replacement house first, and then sell your current home?
This is a perplexing question - and a source of great confusion for many Sellers in the Austin real estate market, planning to sell.
Let’s do some analyzing here… and take a look at both options to see which one suits you better.
Lots of Sellers in Austin go out house shopping in advance, find a replacement house they like, or a brand new builder’s home, place the home under contract and THEN put their current Austin home listed to sell. Naturally, you’d want a contingent contract that would contain a clause allowing a contingency for you to sell your current home before you’d have to close on the new house. This is a very common strategy in the Austin real estate market, but it has a “bad” downside…
With a very good Austin Texas real estate market now, most Sellers are reluctant to take their homes off of the market in many neighborhoods. You will run the risk of finding your “dream home” only to have your contract rejected contracts from the Sellers who WON’T do that – as they don’t want to wait for your home to sell. Or, the Seller may accept the contract but want to continue to show their Austin home to other buyers, only giving you a Right of First Refusal. In these instances, you’ll run the risk of losing your “dream home” just because you haven’t sold your current home yet.
Unfortunately, this is really gambling in its truest form…
The second approach is to list your current Austin house “for sale” before you go out and buy another one.
In my opinion, I believe that this second approach offers MOST Sellers far more advantages – and far less financial risk. This is based after closing nearly $100 million in real estate and mortgage transaction. First, you won’t know how much net profit you’ll have – until you sell your current Austin home, which ‘may’ affect your decision on deciding how much you want or can spend on your replacement house. Once your current Austin house is under contract and then sells, you get a tremendous leverage to negotiate on your new house as a cash buyer – with NO contingency.
It’s a ‘tight’ Austin real estate market now, and that could make the difference in a Seller accepting your contract over another one – and giving you far more negotiating power! Choose a smart Austin Texas Realtor to help you with your selling options! Without a doubt, this is usually a better position to be in and an easier and smarter way to buy your next Austin house. Yet, many Sellers are reluctant to follow this proven strategy to reduce risk.
Why are so many Austin home Sellers so reluctant? Most likely, it’s because many people are worried they could be homeless if they sell their current home and haven’t found a nice enough replacement home yet. No one wants to make a double move! However, a good Austin real estate agent rarely has this happen to their clients. You should have ample time (25-40 days) to find a new builder home – or a replacement resale Austin home. A good Realtor representing you can put add a clause in your current houses contract that will allow you a set amount of time to find a replacement house – else you can void your buyer’s contract.
But, if you can’t find another home, you can always ask for an “extension” of 10-14 days too to give you more time to find your dream home, and prevent yourself from becoming homeless.
No matter which Austin home selling strategies you decide choose, you’ll certainly want a professional Realtor to represent you and advise you. I’d welcome that opportunity to meet with you and to explore my strategies and expertise in selling your present home and helping you find another replacement home. Thanks again!
Wishing you prosperity and success,
Jeff
Jeff Boyce
(512) 289-9900