One of the most common questions sellers have for me is, “What do I do if I can’t find a new house to move into after I’ve sold my home?”
Most of my clients are going to ask me this at the kitchen table. In fact, it happened just this week. Unless you’re out of state or have already purchased your next home, it’s a very common question. If you’re moving up, moving down, etc, you’re going to have to make some plans. The very hot, low inventory market we’re in makes this even more challenging.
Here are some ideas for you:
1. Have a primary plan. This is a list of five target homes we can make offers on and this list will change as these homes go off the market.
2. Have a fallback plan. In many cases, this is a rental option. If there’s no target option to buy or build, you can take six months or a year to rent while you do find the perfect place. It’s not optimal, but it’s not the end of the world.
3. Live with family. Depending on your personal situation, this could be a pleasant option… or not. Remember, it’s temporary, and only until we can find you a new home. All your stuff will go into a storage pod and you will live out of a suitcase for a period of time.
4. Buy a duplex. When we can’t find a house, we can find you a rental property with two units. You can buy it, move into it, then move out into your new home. The benefit of this is you’ve picked up a rental property and some passive income.
5. Special financing deal. This could include a bridge loan, HELOC, etc. It’s a risky option, but anything is possible. This is a last-resort option.
If you have any questions for us about your personal situation or about real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.
