Homebuyers in the Temecula and Murrieta, California area face many challenges today due to an ever changing real estate market. Whether you are looking to upgrade to a larger home to accommodate your growing family, just looking for a home with a yard for your children and dogs to play in, or downsizing to a smaller home to declutter or for other more personal reasons, the challenges are the same.
As local real estate markets continues to appreciate, many homeowners in Temecula and the surrounding area are looking to sell their homes to buy another. But recently, the local market conditions have been both a blessing and curse for those looking for an upgrade due to the limited inventory of new homes to choose from.
Homeowners looking to sell their homes for whatever reason are faced with the daunting challenge of trying to sell their home while also trying to find a new home in a neighborhood they want.
Whether you are a seller or buyer the experience for each person is different because their situation is unique and personal to them. It comes down to the question of whether they can afford to pay two mortgages at once it they chose to buy before selling or are they prepared to move twice if they sell before they can find their new home.
Another question sellers and buyers need to ask themselves is if they should stay or go. Even if they are ready to take on a new venture of buying their first home or ready to move to a new neighborhood or upgrading to large home, it still comes down to are they financially ready for this?
In some cases, there are some buyers who will decide they do not want to pay two mortgage payments move in with friends or family temporarily or maybe even rent an apartment to buy them more time to find and buy their new home.
As a seller, though, there is more control because sellers have two tools to make their transactions smoother. When they list their homes they can have an agent report that the sale of their home be contingent on them being able to find their new home first.
The second thing is that when the seller gets an offer on their home they can have their real estate agent negotiate a seller rent-back agreement. This allows the buyer to close on the home but still allow the seller to remain in the home until they can move into their new home.
Some techniques buyers can use to sell is to limit their search to homes that have been on the market for 30 days or longer. This window may not seem long in other markets but the seller may be anxious and more willing to negotiate a plan that would allow the buyer to sell their home. The goal however would be to convince the seller that they are better off accepting the buyer’s offer rather than waiting for another possible offer to come along, which it may or may not happen.
Another good idea for buyers to have their financing secured, removing a loan contingency which would very well work in favor of the buyer.
While some neighborhoods may have a quicker turn over the Temecula area has been fairing pretty well.