SOMA Living March 2022

REAL ESTATE When we’re talking about making a move in this aggressive real estate market, that sounds pretty sexy, right? One of the reasons inventory is low is because sellers, while eager to take advantage of a market currently tipped in their favor, are finding it challenging to then hop into the ferocious buyer pool in order to secure a place to move. Let’s examine some unique ways you can make a power move without finding yourself residentially challenged. As some background we need to examine why inventory is low, and why it makes sense to sell before it rises. 1. Pandemic (natch). Some people still aren’t comfortable having strangers traipse through their house! Understandable. But with best practices in place, the vaccine and a potentially mask-less existence more sellers are sure to hop into the summer selling pool. 2. There was a moratorium on foreclosures for the about 2 years! This has been a tremendous relief for many families, but banks are now allowed to exercise their claims to properties. This will create an influx in sales to both end users and investors (which then translates to more restored and “flipped” homes for sale). 3. Seasonality! While the last 2 years year has rendered seasonal real estate ebbs and flows nonexistent, things will eventually regulate with more inventory coming on in temperate weather. These are just a few examples of how we see inventory potentially rising, which will naturally help to re-balance supply and demand. If you’re on the fence, it might make sense to sell for top dollar before you have more competition. But this brings us to the other side of the coin. How you also take advantage of record-low interest rates on the other side? Here are some creative ways to buy yourself more time to find your new home while selling your current house. 1. Negotiate a “Use and Occupancy” agreement with the buyers of your property. In this scenario you’ll close on the sale of your house, have that money in your pocket which would allow you to get rid of a home sale contingency, and stay in the property for a period of time after the close. This is typically a period of 2 weeks to 3 months, and you would usually cover the buyer’s carrying costs during this time. So they don’t make money off of you, but they don’t lose it either. 2. Require that the sale on your home is contingent on the purchase of your new home. This is a “home purchase contingency”. While some buyers won’t want to take the risk of entering into a contract when you may not end up moving, in this competitive market buyer may have a higher threshold for unusual or riskier terms. 3. Ask for a longer closing date. It’s not a rule that closings need to be 30-60 days. As the seller, you are in the driver’s seat. When buyers fall in love with your home and see it as their dream home, they will wait. Utilizing these tactics can create the ultimate win-win for everyone - including you - as both a seller and a buyer! SELL HIGH, BUY LOW

www.thecarpetgirl.com SELECTION, SALES AND INSTALLATION

email us at AtlanticConcepts@hotmail.com to schedule a free estimate www.atlantic-concepts.com (386) 344-3894 Atlantic Concepts is a family owned business that has been serving the SOMA community for over 10 years. Its founder, Eddie Cevallos and family are proud residents of Maplewood. Specializing in kitchens, bathrooms, additions, etc, Atlantic Concepts would love to hear your ideas for your projects. Please give us a call for a free estimate.

Kate Elliott is the leader of The Kate Elliott Team at Coldwell Banker 646-662-6655 Kate.elliott@cbmoves.com Insta: @KeyToNewJersey

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