I wanted to write an updated blog post for those of you wondering how to sell a house and buy a new one in today’s buyer’s market! I wrote one a few years ago whenever we were in a seller’s market, but the market has changed! It is no longer a seller’s market and it hasn’t been for quite some time now. Due to higher interest rates, the market has quickly become saturated. Fewer properties are selling which means there are more properties to compete with when it comes to putting your house on the market. Properties are also sitting on the market longer than they did in the past. It’s more important now than ever to work with a REALTOR® who has continued to get properties SOLD despite the shifting market.

What does this mean for you?

If you are needing to sell a house and buy a new one, here is what you need to know!

Because we have transitioned into a buyer’s market, buyers have more negotiating power! A lot of folks don’t want to or can’t sell unless they find the perfect new home and that’s understandable (especially for those hanging on to their lower interest rate). THE GOOD NEWS IS, you can definitely do that in this market. Although some properties are still receiving multiple offers depending on supply and demand, the number of closed sales is DOWN and properties are sitting on the market longer than they have in years. This is creating a saturated market which means sellers are more open to contingencies whereas in the past they would turn their nose up to contingencies.

Here are 6 tips for those of you needing to know how to sell a house and buy a new one in today’s buyer’s market:

1. The first thing you need to do is FIND OUT WHAT YOUR CURRENT HOUSE IS WORTH IN TODAY’S MARKET! You do this by getting connected with a real estate agent. It can’t just any real estate agent either. It needs to be someone who has actually SOLD properties in this shifting market and who has the track record to prove they know how to ensure you’re getting the best possible deal. By knowing what the market value is of your home in TODAY’S MARKET (which, again, is NOT the same market we were in even 7 months ago), you will know what you can then turn around and purchase.

2. Then you also need to talk to a LOCAL LENDER or your bank if you have a trusted go-to person! Depending on how much you owe on your current property, you’ll need to know what you can get approved for. Unless your house is already paid off, you will need to get a loan for your next purchase which means you need to know what TYPE of loan you’ll need and what percentage you’ll need to put down for that particular loan. Remember, there are fees that come with selling a home (i.e. realtor fees, title fees, escrow fees, etc.) and so a real estate professional will be able to tell you what those fees are and subject that amount from the sales price along with the amount of mortgage owed. That final number will be your estimated net proceeds and that’s what you’ll be working with!

3. Once you have all of this information, your real estate agent can get a search set up for you and you can begin looking for your next purchase.

4. When you finally find the new house you want to buy, you can make an offer. HOWEVER, because your offer will be CONTINGENT upon the sale of your current property, the listing agent (assuming they are experienced and know what they are doing) will ask your agent about the property you need to sell. Previously, a seller wouldn’t accept a contingency unless the property the buyers were needing to sell already had a contract on the house. Now, thankfully, they are open to accepting an offer as long as your agent can confidently and statistically prove to them why your offer is low-risk. Your agent should be able to tell them what the property will be listed for, how long it’s taking for houses in that price range and that school district to sell, and HOW QUICKLY THE HOUSE WILL BE PUT ON THE MARKET. You can’t lallygag here. If you are serious about purchasing this new home, then you need to be SITTING ON GO. You AND YOUR AGENT need to be ready to put your property on the market ASAP! A seller is more likely to choose your offer if they know your house will hit the market within 3 days of your offer being accepted vs. 2 weeks! When I have clients in this situation, I tell them to start deep cleaning now and to live show-ready. By keeping the house orderly and by already have professional photos done (unless you have a photographer on standby or are like me and take your own listing photos), you are able to hit the market as soon as you need to hit the market.

5. If your offer gets accepted, your game plan for putting your house on the market should be executed no more than a few days later. Your house should hit the market ASAP and it should be PRICED AGGRESSIVELY! DON’T FORGET, there are more properties on the market now than ever before. Your house needs to stand out from the competition because TIME IS OF THE ESSENCE! There are contingencies in place which means there are deadlines to be met.

6. Get your current house under contract!

Easy enough, right?

If that overwhelmed you, don’t worry. That’s what I’m here for. If you live in East Texas and are needing to know how to sell a house and buy a new one in today’s buyer’s market, give me a call at (903)241-2608. A professional REALTOR® who has continued to get properties sold and buyers under contract in this shifting market has what it takes to help you meet your real estate goals. My job is to make the buying/selling process as easy and stress-free as possible!

I’ve got numerous success stories and have helped client after client sell a house and buy a new one. This is not my first rodeo! In fact, it’s something I’m passionate about. Because I take my own professional photos and videos and am a one-stop-shop when it comes to listing (and SELLING) properties, I’m not having to depend on someone else to get the job done. I’m on standby and will be ready to list your property as soon as we find your new house. I’m here to help you navigate your unique situation and do what is best for you financially NO MATTER WHAT THE MARKET IS DOING!

I don’t just list properties…I SELL THEM!

Kristin Koonce, REALTOR®
(903)241-2608
kristinkoonce@gmail.com
BOLD Real Estate Group
#getlistinwithkristin