I Want To Sell, But The Inventory Is Too Low!
Being in-between homes is more common than you think — and we have a plan if it happens to you.
I know what you’re thinking… isn’t low inventory an advantage for homeowners looking to sell their home? Yes! When there are fewer homes listed for sale, and high demand from buyers wanting to purchase, it creates a “Seller’s Market.”
But many home sellers are concerned about what that low inventory means for buying their next home once they sell their home. It’s a valid concern. While many homeowners on Sanibel have a second home elsewhere, some of us are full-time island residents and would need to purchase another home right after selling our current home or run the risk of being “homeless” for a bit.
It’s the catch 22 that has always challenged real estate, even more so now, with lower inventory. What do I suggest?
Start looking now.
Start looking for your new home first, before putting your home on the market. Of course, this only applies to those who don’t have a second home or place to stay once your home sells. But I’ve helped a few clients in this situation and most have only had a few days of overlap between closing on their two properties.
Consider a bridge loan.
Look into a bridge loan. While bridge loans usually have higher interest rates and fees involved, this can help those who need to use money from the sale of their home in order to purchase the next property. We have some amazing lending teams at our local banks that you should chat with to see what option they think best suits your situation.
Look for a “vacation” rental.
Look for seasonal or vacation rental homes so that you have a place to stay once you sell your home while you’re looking for a new home to purchase. Though rental properties move fast in our vacation marketplace, it will ease your mind to do some of the research ahead of time. Figure out what area you’d like to rent, the typical costs with renting those properties, and who to get in contact with to act quickly when you’re ready.
Hire an agent with connections.
Ask your neighbor or even your Realtor® for connections. This is where having a Realtor® with a community network is in your favor. They might know of a client who only uses their home certain months and might be willing to rent it to you while they are not using it. Your neighbors are another great resource to tap into and see who they know. That’s the benefit of living in a small town!