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Here’s an unsettling notion: you and your family are moving, and you put your house up for sale, and kapow! It sells right away, and that’s great, except…you haven’t found your next home yet.
How do you keep that from happening? It’s a legitimate concern for homeowners in Elk Grove, CA, where the housing market is so hot right now that homes are selling faster than homeowners can get organized and moved into the next place.
This could put you and your family in a real bind, couldn’t it?
Luckily, there is a solution to this predicament. If you own your home in Elk Grove and you’re thinking about selling, have your Elk Grove realtor list your home for sale as “contingent upon finding a replacement home.”
Then, when you find a new home, you can make your offer “contingent upon selling existing home.” This levels up the difficulty of real estate transactions, it’s true, but it gives everyday homeowners the benefit of slowing the process down to a manageable speed, and keeps families from going homeless or rushing into another place that isn’t satisfactory.
Buying and selling a home is a big deal, and while in some cases the real estate process can feel too slow, it’s better to go slowly and get the price you want on your existing home, and get a home you’ll love for the long term with your new one. Keeping the sales and purchases contingent on these conditions protects families from bad situations.
Contingency selling is a trend that went away for a while in the Sacramento area, but in recent years has been making a comeback. Making an offer contingent on selling is not usually a pleasing condition for the seller you’re trying to buy from, and when there are competing bids that AREN’T contingent on some outside factor, it’s much more appealing to the seller. And indeed, Elk Grove is very competitive for buyers right now. Speed and convenience play a major role for sellers.
But, luckily, while it may hinder your process to put these conditions on the sale of your existing home and your offer on a new home, the housing market in Elk Grove can support your situation. Inventory is up and buyers are buying. Contingency is not an ultimate deal breaker, and there’s no need to burden your family with any uncertainty about whether or not they’re going to have a place to live.
About the Author:
This article is written by Eagle Realty. Owner/broker Shaun Alstonis a member of the Masters Club, which means he is in the top 10% in Real Estate Sales in the state of California.