Home sellers say the greatest challenge for them this year is the lack of homes to choose from when it’s time for them to move, according to a new survey of more than 800 real estate professionals from Redfin.
“It’s a seller’s market, but the catch is, most sellers need to buy as well,” says Eileen Lorway, a Redfin real estate professional in the Boston area. “This is a conversation I have with many clients at our first meeting. We discuss options like ‘seller to find suitable housing’ contingencies for the sale contract, ‘purchase contingent on sale of current home’ options for the buy offer, rental options, stay-with-family options, and bridge loans. Sellers who are buying need to think outside the box a little bit. It’s not easy, but we often do end up closing on sale and purchase on the same day.”
Lorway also encourages more of her sellers lately to sell first, then buy. They will need to consider temporary housing options, but “then they will be able to take the time they need to find their dream house, know exactly what they’ll have to work with financially, and won’t end up adding unnecessary contingencies to offers, which will give them a better chance to get the home,” Lorway says.
Inventories of homes for sale have hit record lows in many parts of the country. Buyer demand, however, remains high. About fifty-seven percent of real estate professionals surveyed by Redfin say they have been involved in at least one instance of a home receiving 10 or more offers this year.
Source: “Lack of Homes for Sale Is a Problem for Sellers, Too,” Redfin (March 31, 2017)