Navigating your transition
period
The
market is heating up and the right homes are selling fast! Recently selling a listing of mine after
only 9 days on market I was asked by an immediately anxious seller…“What do I
do now”? It’s a common question
whether you’ve been on the market 9 days or 90. Homeowners, in general, have settled and are often not ready
for the transition to a new home or living situation. Keeping a few of the following things in mind should,
hopefully, make it less stressful for you and your family.
Become a Tenant!
If
you don’t have your next home under contract or already purchased, I recommend
finding an acceptable short-term rental once you’ve gone to contract and passed
inspection and appraisal. You
don’t want to rush the purchase of your next home, and delaying a closing
because you’re unsure of your next step can be risky and costly. A
perfect scenario would be a furnished short-term rental, which you could occupy
while you search for your next home.
The simplicity of a furnished unit is great, nothing to move! An open-ended lease option will also allow
you to relax and negotiate with less emotion when purchasing. You don’t want to be “pushed” to
buy due to current living situations.
Pull out the ole’ Piggy
Bank!
If
you’re lucky enough to still have equity in this market, be sure to put your
proceeds in safe keeping during your transition time. No matter who you are, an injection to the bank account can
be tempting. A great idea is to
keep your net proceed funds in escrow with your broker or title agent. Most of these funds will probably be
used on your next home purchase anyway and doing so will give you the ability
to go to contract with pre-deposited escrow funds. Cash is tempting; protect yourself from you. You don’t want to be looking at your
new Rolex at your next home closing wondering what you can hock it for.
Having to Downsize?
The
phrase I seem to use most often in this market is, “relax, you’re not alone”. If you are in an unfortunate situation
and have to leave your home for financial reasons, keep one thing in mind. You are NOT alone. We should all be aware by now of the
hardship most of America is under.
Moving forward with the sale of the home should simply be seen as
closing a chapter of your life; make it a relieving
moment rather then a mournful moment.
Life moves forward, not back.. One of my favorite quotes is “It will all
be OK in the end, if it’s not OK, it’s not the end”. Keep this in mind as you move forward, downsizing is simply
a move, not a basis of personal character.
No
matter what your transition period involves, it is likely to be stressful
without preparation. Anything in life without proper preparation is simply a
risk. Get your ducks lined
up and you’ll sail through your transition period!!
