For many of us, our children have either already grown up and left home, or they will be leaving the nest soon. We are no longer interested in spending long hours keeping up our yards, and our homes are larger than what we need. If you are among those in this boat, the good news is it is a fantastic time to sell a home! The bad news is that buying a home can be challenging in the current Seattle-area housing market. If your goal is to stay in the area, there are a couple of good long-term and short-term strategies.
Many homeowners in the Seattle area are hesitant to sell their homes right now unless they can purchase their new home before selling their existing home. The Seattle housing market is the hottest real estate market in the country, with no signs of slowing down. January 2017 marked the 17th month in a row that Seattle has led the country in home price increases. Because of this, homeowners feel secure in owning a home and worry that they will not be able to find another home that they love in the hyper-competitive market. This has made low housing inventory a common theme in our area, driving up competition and prices for buyers. If you are worried about buying a new home in this market, you can explore creative methods, like a home equity line or other financing options that will allow you to purchase before you sell.
Another option is to get started on a two-year strategy. If in-city life appeals to you, purchasing a condo presale could be a good option. Developers prefer to sell future condominium homes prior to breaking ground on the project. For an empty nester that isn’t quite ready to move, there are a few excellent benefits for taking this route!
- First, you are purchasing at current market prices, which will very likely save you money in this skyrocketing housing market. All that is required is a small deposit (usually 10%) with no additional payments until closing. If our market continues to appreciate as it has, by the time you move in you will already have significant equity in the home.
- Second, you will be moving into a brand-new home that suits all your needs. Many empty nesters appreciate the smaller size of condominiums, the convenience of location, the lack of yard to care for, and the lock it and leave it lifestyle that is perfect for travelers.
- Finally, you will have plenty of time to get your home ready to sell, pack up, and downsize your belongings. This will result in maximizing the sale price of your home!
The SeattlebyDesign team is always available for consultation on your specific circumstances.
Please don’t hesitate to contact us!