La Costa real estate is on fire–and that includes both homes and condos. It’s the best seller’s market we’ve had in years.
Current market conditions may be tempting you to sell your Carlsbad home while demand is high and interest rates are low. But before jumping into the sale of your home–especially if you want to buy another home–you may want to spend a few minutes consulting with us to make sure you understand contingencies and what they mean in terms of the order in which you sell your home and purchase another.
You may have several choices, from an early listing and rent back option to a quick sale or placement of a contingency. We can explain the differences between each and determine which is the best alternative for your home sale. You may have more options than you think.
No matter what you decide to do, many decisions will need to be made. Plan for higher than usual expenses as you navigate through dual transactions, since you could be supporting both households for a brief amount of time. Knowing housing market trends and comparable neighborhood sales will help you to feel more comfortable with the process of selling your home —-and also give you a ballpark estimate on possible proceeds.
Deciding To Buy Your Next Home
Once you have an estimate for proceeds on the sale of your house, you can start looking for your new one. You’ll need to determine where you want to live and the size home you are seeking, as well as putting together a wish list for your new home. If you are relocating to an area far away, seek a real estate agent and/or mortgage lender referral from friends or family or ask me for suggestions, as well. Different areas require varied strategies in home buying, so a local expert is always your best bet for finding the right home when you are making a big move.
Is a Bridge Loan a Solution for You?
In this market, it helps to not only be pre-approved for a mortgage loan, but if your home has not yet sold or closed and you find the perfect home to buy, you may want to consider using a bridge loan to achieve your goal. For these types of transactions, we recommend Jenny Nguyen with WJ Bradley Mortgage. She can be reached at 858.799.0747 or email jenny.nguyen@wjbradley.com She may also suggest a home equity line on your existing home (if it is not listed) that can be used to purchase another.
You likely have more options than you think!