It is an exciting time in Riverside real estate! And current market conditions may tempt you to sell a home in order to buy a new one; especially with the high demand, and low interest rates. Before you jump into selling your home though, it might make sense to talk to a local real estate professional, like us. You want to make sure you have a very good understanding of contingencies, and what they mean in terms of the order in which you sell a home, and purchase another.
When you sell a home, a contingency means you agree to the sale contingent upon you finding a suitable replacement home. When buying, you may write an offer to purchase, contingent upon the sale of your existing home. Selling or buying homes with a contingency, like anything else, have distinct advantages and drawbacks.
The most important aspect of selling or buying a home with a contingency, is that your REALTOR be experienced with handling that particular type of transaction. Contingencies are something that were common practice in years past, but newer agents may not have the experience you need to get the transaction closed. We are proud to say that our team has been helping people buy and sell real estate in Riverside for over 20 years. We are VERY familiar with contingencies, and have successfully negotiated many for our clients.
You have several choices in regards to a contingency. From an early listing and rent back option to a quick sale or placement of a contingency. A trusted real estate agent can explain the differences between each and determine which the best alternative is when you sell a home, in Riverside.
No matter what you decide to do, many decisions will need to be made. Plan for higher than usual expenses as you navigate through dual transactions, since you could be supporting both households for a brief amount of time. Knowing housing market trends and comparable neighborhood sales will help you to feel more comfortable with the process of selling your home and also give you a ballpark estimate on possible proceeds.
Deciding To Buy Your Next Home
Once you have an estimate on the sale of your Riverside house, you can start looking for your new one. You’ll need to determine where you want to live and the size home you are seeking, as well as put together a wish list for your new home. If you are relocating to an area far away, seek a real estate agent and/or mortgage lender referral from friends or family or ask us for suggestions, as well. Different areas require varied strategies in home buying, so a local expert is always your best bet for finding the right home when you are making a big move.
For more information on Riverside real estate, the housing market, and homes for sale- contact Graham and The Home Team at (951)534-9296, or email us.