Ask Phyllis: a blog series of frequently asked real estate questions. Email us here
The move up buyer
Dear Phyllis,
My wife and I have been waiting for prices to bounce back so that we could move to a larger home. We don’t want to sell our home and have to move to an apartment. How do we go about selling our home and moving directly to another?
Move up buyer
Dear Move up buyer,
Each real estate market is different. If you had asked me this questions several years ago, I would have advised you to sell your home and have your buyer agree that you could rent it back for several months. But prices are increasing. Therefore, this would not be the ideal strategy for any move-up buyer in today’s real estate environment.
I suggest that you contact an experienced local real estate agent now. Ideally you should have ample time to get your home prepared to sell quickly (de-clutter, make any repairs needed). Professional photography should be done, the works. If you are going to be competing against buyers without a contingency to sell their home, you must demonstrate to the seller and their Realtor® that you are serious and ready to go. You and your agent will need to prove to them the marketability of your home.
Currently about ¼ of homes sell to cash buyers. You will not be in a strong negotiating position, and this is why an experienced local real estate agent is critical – one with established relationships within the Foothill’s real estate community.
