Here are tips for how to buy and sell at the same time in this market.

 

Today, I’m talking about buying and selling simultaneously in this red-hot 2021 market. Doing both of those transactions simultaneously can be confusing and stressful if not approached correctly. If you’re thinking about buying and selling, you need to take precautions and make plans to not mess things up. You don’t want to end up homeless. So how do you do this?

“Buyers are facing multiple rejected or lost offers from multi-offer situations on every single good house.”

First, you need to understand the number 136. 250,000 people live in the city of Toledo and at the time of writing, there were only 136 active homes for sale in the Toledo school district. That’s amazing! That’s down by a third from a month ago. There is an unprecedented shortage of houses, so every putative buyer has to fully comprehend the market forces at play or you will never comprehend a transaction.

The Wall Street Journal just wrote a report about the soul-crushing experience buyers are facing after multiple rejected or lost offers from multi-offer situations on every single good house. You have to be ready, even if you own a house, to compete in that scrum. How can you do it? Here are a couple of tips.

1. Get pre-qualified. Meet with a lender who can get you fully pre-qualified so you can buy your next home without having to sell your current home first. The ideal strategy right now is to not write a contingent offer. In our ongoing market, it is almost impossible to get a contingent offer accepted. In the recent past, I have advocated against this and I still counsel that it’s dangerous and potentially risky to own two houses at once, but right now, it is more dangerous to be caught without a house after you sell.

2. Avoid asking anyone to do a contingent offer. It’s not going to happen, it doesn’t work, it is impossible.

3. Understand an R-market. Northwest Ohio is the only part of Ohio that allows 30-day rent-free possession after closing. You’ll have 30 days to go find a house while you’re still living as a rent-free tenant, but that’s awfully risky, and that’s a very compressed time frame to gamble on finding the right property.

We have a couple of other strategies as well. Check out 466SOLD.com, or you can call me directly at 419-466-SOLD. I look forward to hearing from you. Have a great day.