A Chaska couple had dreamed of moving up to a home more suitable for their family for years. Many people, as did this couple, make the mistake of focusing on what it would cost to obtain their new home initially ignoring what they would net from the sale of their current home.
Once they contacted a local real estate agent they were disappointed to discover that the likely proceeds from the sale of their current home would not provide enough funds to make the move so they temporarily postponed their move up plans. They anticipated a future improved real estate market so they would re-evaluate their position in one year.
Again, much to their disappointment the real estate market in their area continued to decline and the accomplishment of their dream was even further away. Their real estate agent the previous year had advised them not to buy first so they wisely followed that advice and fortunately did not end up owning two homes.
One of the risks of rushing into that new home prior to selling the previous home is that there is a strong temptation to list the previous home at a price that will provide the necessary funds rather than listing it at the actual market value. This leads to having the home linger on the market and after lowering the price several times having it ultimately sold for less than what it would have sold for if it had been priced correctly to begin with
The couple have move ahead of their frustration and are not waiting any longer for the market to improve. They have placed their home on the market now realizing that it’s impossible to anticipate the ups and downs of the real estate market but can make wise decisions which will minimize their risk when selling or buying
One of the interesting aspects however of this market is that in the case of this couple who want to move up, they may not get what they want for their home but when they buy they will be getting the new home at a bargain price also.
Most people are afraid that once they sell their home they won’t be able to find the home they want to move up to. People have to approach this just like they would any business decision and have an alternate plan and there are a few potential plans. One is to make an interim move. There are extended stay suites that are tolerable on a short term basis. Have your furniture and other belongings placed in storage. You could look for a short term rental or if the buyer of your home has some flexibility, rent your home back from them till you find your new home.
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