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Home Equity Health Check

check in on your homes equity!

Brittney McAllister

Team Leader + Listing Specialist

Let’s chat with Brittney to answer some of your frequently asked questions!

Q: How should I time my move? Should I buy first or sell first?

A: The first question to consider is, do you have the funds to buy without selling your home? And if the answer is yes, do you potentially have the funds to pay for a month or two of double mortgage payments? If the answer to all of those is no, then your home purchase will be “contingent” on your home selling. So, the question becomes does the current market support an offer with a contingency to sell. In this market, the answer is that it is really tough. Not impossible; just tough. In that case you should consider getting your ducks in a row on the purchase side and then listing your home and negotiating the time to then find a new home.

Q: What if I cannot find a new home once mine sells?

A: The short answer is that I solemnly swear to never leave you in a situation where you are without a home. In over 400+ home sales in my career, I have yet to time the double move incorrectly. There are many options for this including, but not limited to, a “rent back” option of your home until you find your next home or a long escrow / delayed closing.

Q: Where do I start with the whole process?

A: Step 1: Call Brittney. In all seriousness, reach out to me first and we’ll do a current assessment of your situation. This will include finalizing our market analysis numbers so that you have an accurate idea of your estimated net from the sale of your home in this market. In almost every case the next step is to get in contact with a preferred lender to look at your financing options. Just as you did when you bought your first home, we must have a preapproval letter to accompany any offer that we put in. That is why you must first know what you can afford – this report will help you to have that conversation as well!

Q: When is the best time to sell a home?

A: The best time is always when it makes the most sense for your situation. There are opportunities to make money in real estate in any market, and it is my job to advise you on when that time is right for you in conjunction with it being right for your situation. As unpopular opinion that I have is that the best time to list is just before the spring market or just after the summer market. That is because historically there are less homes for sale during those times, so there is less competition and therefore a greater possibility to get multiple offers.

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