Is It Still a Seller's Market?

For the past several years, the housing market has been 110% a seller's market with buyers sometimes desperate to make their offer more attractive. The 2024 housing market is expected to continue to be a Seller's market. So then what is the challenge you might ask? The problem begins when a seller becomes a buyer in search for a replacement home but must rely on the proceeds of their home to buy a new home.

Sellers who are required by a lender to sell before they can buy will have what is called a home sale contingency rider, which protects them from having to buy their new home in the event the sale of their existing home should fall through. In this market where multiple offers are almost guaranteed, offers with home sale contingencies get beat out by offers without. If you think from the perspective of a seller, would you take an offer where you had to wait for so someone to sell their home or would you take an offer where you didn't have to wait? Home sale contingencies just DO NOT work in this market. Trust your agents when she tells you that you will need to do one of the following (none of which, I recognize, are ideal:

a. Hire a good listing agent to sell your home FIRST and temporarily stay with friends/family while searching for your replacement home. Not ideal, I know, but people who build new homes have to do exactly this because most new builders will also not accept hone sale contingencies either. Using the same agent to buy and sell often makes for a smooth transaction.

b. Ask your realtor for lender referrals who have homes loans that allow you to buy before you sell. There are various programs where the lender can make the purchase for you and then lease it back to you while you search for your replacement home. There are also bridge loans that some lenders will do for situations like this.

c. If your home is paid off or close to being paid off but you still need the proceeds from your home to purchase a new home, you can ask your lender about a Home Equity Line of Credit for the down payment and then pay both loans after after you settle into your new home and sell yours.

Don't allow this market to frustrate you. Work with an agent like those at 1 Nation Realty, who find solutions to real estate problems without putting you at risk. Dial Diana Today at 314-603-0487.

Accurate pricing is key to get as many people as possible to tour and make offers on your home, especially when you first list your home. There’s a current pool of buyers waiting for new listings to hit the market, which is why accurate pricing and staging your home properly is crucial.

Things to Think About When Selling Your Home

Once we’ve determined the price, I can give you advice about the little things that you can do to stage your home to get you the highest possible price! You’d be surprised by the simple measures you can take to dress up your home to attract more qualified buyers.

I have a marketing plan that is designed to get maximum exposure to the buyers that are currently looking, and all agents that have buyers. Through pricing, staging, agent accessibility, and visibility, both on and offline, I can successfully sell your home to help you achieve your goals.

Curious about what’s happening in your neighborhood? You can create a custom market report to see what’s active, under contract, and sold in your neighborhood!

Considering selling or refinancing your home? Get an INSTANT property valuation now!