Are you planning on taking advantage of Florida’s robust real estate market, selling a current home, and using the equity to invest in your dream home? If so, 2023 is the year for you.
The Volusia County real estate market is strong and holding steady. That said, rising interest rates and other continuing signs of inflation mean sooner is better than later.
Tips For Selling AND Buying a Home in 2023
Here are tips for selling and buying a home this year. With the right real estate agent working for you, the entire process can move fluidly forward and with minimal stress.
1. Align yourself with the right agency
Now’s the time to find a reputable real estate agency. Ideally, your agent should have an impressive roster of sales and purchases under their belt this past year. An active agent has their ear to the ground and should use in-house and network contacts to generate interest in your home before a For Sale Sign goes up.
Many agents have a specialty when it comes to either buying or selling a home, so you may find your best bet is to work with agents who partner together under the same agency broker – one as your seller’s agent and one as a buyer’s agent – to benefit from the best of both worlds.
2. Use holiday or post-holiday weeks to get your house ready
January is a notoriously slow real estate month. Use that to your advantage by prioritizing home staging in the weeks during and after the holiday. Regardless of whether it’s a seller’s market or not, buyers still prefer to walk into a home that is:
- Attractive at first sight
- Clean and uncluttered
- De-personalized
- Neutral enough in its design and decor that they can imagine their things inside
Following your agent’s advice on surefire ways to sell your home fast will pay off in a quicker sale for a higher price.
3. Cash is still king
The ability to sell your home and cash in on equity puts you at the top of the buyer pool. In a seller’s market like ours, contingency sales are less desirable than when sellers are more desperate.
Depending on how much liquid cash you have available, you may find it makes more sense to sell your home and keep equity cash in a savings account or liquid money market while shopping for your dream home. Renting an apartment or smaller home for a short while allows cash to serve as a greater incentive when making offers for the home you want to buy.
4. Request an extended closing
Be prepared to ask sellers for an extended closing if necessary. If you don’t want to ask for a contingency sale, and your real estate agent feels confident your house will sell relatively quickly, ask your dream home’s sellers for an extended closing. Requesting an extended closing feels less risky to sellers than a contingency sale. For the right price, many sellers are willing to do so – especially if they have a family and can use the extra time to pack up their house for the move.
5. Connect with an experienced mortgage lender
Interest rates are on their way up. That hasn’t had a marked effect on the housing market – yet. However, it does change mortgage rates as home prices continue trending upward. Connect with an experienced mortgage lender ASAP. Your pre-approval means more than ever. Plus, they’ll provide you with tips and tricks to ensure you qualify for a home loan with the lowest possible rates.
Also, take some time to shop around. As interest rates go up, lenders become more competitive. Odds are you can use that to your advantage, choosing the most qualified lender/broker who offers the most points – which can save you thousands, if not tens of thousands, over the course of your home loan.
6. Make plans to pay two mortgages for up to three months
Finally, if you don’t have a temporary housing option, selling and buying a home means you may be floating two mortgages for one to three months, depending on how fast your home sells. Again, your real estate agent should be experienced enough to feel out the “seller’s climate.” Their sense of the sellers, combined with behind-the-scenes conversations with their agent, can determine whether or not a contingency sale or extended escrow is an option.
If your agent warns against it, you may need to float two mortgages until your house sells. This is an excellent topic to broach with your mortgage professional as well. You don’t want to liquidate investments or savings that could kick your loan application back from the underwriter. Your mortgage broker and agent can help you decide which moves make the most sense without compromising your chances.
Southern Exclusive Realty is Unrivaled in Selling and Buying Homes
The Realtors at Southern Exclusive Realty regularly partner up to help clients who plan on selling and buying a home simultaneously. Contact us at 386-279-7244 to schedule a sales consultation, and we’ll work with you to create a sell-buy strategy to match your goals and timeline.
