Home Sellers Face Challenge in Buying New Residences

Today’s home sellers are facing an interesting dilemma: Where can they buy a new residence?

 

In a survey of 800 real estate agents working with the Redfin brokerage, 65.6 percent of respondents said that low inventory was the greatest challenge facing the sellers in their markets. And the homes that are available become very popular very quickly: 57.2 percent respondents reported being involved in at least one instance of a home receiving 10 or more offers this year; a mere 1.8 percent of agents said they yet to be involved in a bidding war.
What can sellers do to ensure they can move from their sold home into a new place? Eileen Lorway, a Redfin real estate agent in the Boston area, insisted that sellers move ahead with their house sale before securing the purchase a new home.

 

“They should consider temporary rental options, or moving in with relatives after they sell,” she said. “Then they will be able to take the time they need to find their dream house, know exactly what they'll have to work with financially, and won't end up adding unnecessary contingencies to offers, which will give them a better chance to get the home.”

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