With low inventory in many markets throughout the country, many homeowners are afraid to sell their homes because they’re concerned that they may not be able to find a new one.
This can be a real problem, but if you are seeking to sell—whether to upgrade or find a new neighborhood—there are a few ways to combat the low inventory.
1. Look to buy first In most markets it is a real mistake to put your home up for sale before you start looking for your new property.
Identify the geographic area where you are interested in buying. Even if you don't see anything right away, it doesn't mean you can't or won't find the right home.
2. Think outside the box Be proactive! Keep in mind that there are probably many people like you who want to make a move but are afraid as well. Have your real estate agent send a letter to the neighborhoods in the geographic areas where you want to live. The letter should be heartfelt and personal while announcing that you are ready to buy a home in that neighborhood. You could find a home to buy that may not even be currently listed or for sale.
3. Talk to your lender about financing options You may be able to temporarily carry the mortgage for your old home and your new home. Depending on your individual financial situation. Talk to your lender about your options when you want to buy but have to sell first.