Are You Prepared for a Quick Sale?

Verani Realty

sold signIt is a seller’s market in many regions of New Hampshire and Massachusetts, and that means selling your house may happen quickly. It’s not something you can, or should, count on, but it does happen often right now.  Every home sale is different and depends on the current demand for a home like the one you are selling. But given the market, at the very least you should be prepared for the fact that your home may sell quickly.

What does “quickly” even mean? Say for example you just listed your home today – in today’s market, you may have three showings set for tomorrow. So, you prepare and clean your home and by tomorrow night you suddenly have an offer and are told another is coming in. At this point you’d probably be thinking, “Ummm…this is moving much quicker than I thought.”

What if you accept one of those offers? That means your house just went under contract in less than 48 hours of listing it and guess what – you’re moving, typically in about 30-45 days. This means you’d have about a month to buy your next home, pack and move.  Are you ready for this pace?

If you’re trying to coordinate buying a home while selling your own, here are a few steps to start now so finding a fast-acting buyer will make you happy - not panicked.

  • Get pre-approved for a mortgage: There are two levels of loan approval, and pre-qualified is very basic. Get pre-approved for your loan amount so things can move quicker and sellers can take your offer seriously. You will get much of the paperwork out of the way, and you will have your actual loan amount approved based on real facts, credit reports, debt to income ratios, and more.

  • Plan for a down payment and closing costs: Look at your savings and estimated profit from the sale of your current home and determine a solid amount you have to put towards this new home purchase. Also, plan for fees and closing costs. These may include the appraisal fee, loan fees, attorney's fees, inspection fees, and the cost of a title search. They can easily add up to more than $10,000, and often run to 5% of the mortgage amount.

  • Know which type of house you really want: Do you prefer a split-level or colonial? Do you want everything on one floor? How much land do you require? Knowing these details ahead of time helps your real estate agent eliminate homes that fit your budget but you would have no desire to buy. Now you are ready to start seeing potential new homes.

  • Know what communities you want to live in: Your real estate agent will be able to pull up listings that fit your needs – 3 bedrooms, 2 ½ baths, fireplace, etc. However, if the home is too far from work or not in a desirable location you are probably wasting time having it on the list. Investigate schools, neighborhoods and what each community has to offer, and come up with specific areas for your search to focus on.

Selling your current home and buying a new one can be an exciting and happy experience in your life. But in today’s fast-paced, low-inventory market, it can move along at a fairly fast pace and as a result, be full of stress. The better you are prepared for what comes next the easier the process will be.

Take a look at our Seller guidebook to learn what you need to know to sell your house.

Previous PostNext Post

Subscribe

Search

Follow

Archive

  1. 2017
    1. September (11)
    2. August (16)
    3. July (14)
    4. June (17)
    5. May (16)
    6. April (17)
    7. March (19)
    8. February (7)
    9. January (9)
  2. 2016
    1. December (12)
    2. November (7)
    3. October (11)
    4. September (12)
    5. August (9)
    6. July (6)
    7. June (11)
    8. May (12)
    9. April (14)
    10. March (11)
    11. February (10)
    12. January (7)
  3. 2015
    1. July (1)
MLS Property Information Network. Inc. The Total Listing Service
Neren MLS New England Real Estate Network
Maine IDX
Equal Housing Opportunity

©2017 MLS Property Information Network, Inc; The information in this listing was gathered from third party resources including the seller and public records. MLS Property Information Network, Inc. and its subscribers disclaim any and all representations or warranties as to the accuracy of this information. Northern New England Real Estate Network, Inc. All rights reserved. This information is deemed reliable but not guaranteed. The data relating to real estate for sale on this web site comes in part from the IDX Program of NNEREN. Subject to errors, omissions, prior sale, change or withdrawal without notice. Maine Real Estate Information System, Inc. All Rights Reserved. Listing data is derived in whole or in part from the Maine IDX and is for consumers' personal, non-commercial use only. Dimensions are approximate and not guaranteed. All data should be independently verified.

© 2017 BHH Affiliates, LLC. An independently operated subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate, and a franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity.

Website Powered by Real Estate Web Solutions

©2017 Real Estate Web Solutions, LLC. All rights reserved. realOMS Login | Switch Mobile Site | Browse Listings