Q. I feel like there’ll never be a better time to sell my house, but I have nowhere to go and I don’t want to have to buy in a seller’s market. Any advice?
The classic Catch-22 in a seller’s market is when you want to sell before the market shifts, but you have nowhere to go. Then you end up as a buyer in a seller’s market, fighting the high prices and low inventory. You feel stuck, and you feel like you’re going to miss out on what is probably one of the biggest financial opportunities you’ll have.
But don’t get stuck there. This is the type of real estate market where thinking creatively becomes a very valuable commodity.
Remember, all real estate markets are cyclical. What goes up will come down. Home prices are at all-time highs now - but it’s not going to last forever. It won’t be a precipitous drop like in 2007-2008 because market conditions are completely different, but it’ll happen.
So if you can sell and wait for the market to shift before buying again, that’s how you reap the benefits.
For instance, we have people who are choosing to sell now and wait for the market shift in one of the rentals that we reserve just for our clients. If you’re trying to find a rental on your own - which admittedly can be like finding a needle in a haystack around here right now - and you work from home, consider renting in a community farther away than where you ultimately want to settle. Come back when prices level off and you’re ready to buy.
There are also several different ways to structure a real estate contract that can buy you time while still enabling you to sell your home at today’s highs. Flexibility is the name of the game, and plenty of buyers are willing to be very flexible to get the home they really want - yours!
Don’t let “but I have nowhere to go!” cause you to lose out on a financial windfall. Ask questions, brainstorm with people. You’ll probably be surprised at how easily others are getting over the exact same hurdles that seem so insurmountable now.
Troy Williams has been the #1 agent in York county since 2012. His work ethic and unmatched expertise and knowledge of the local real estate market keep him consistently one of the top realtors in Maine. His office can be reached at 1-207-351-8188.
"Ask Troy" and other articles focused on New Hampshire and Maine real estate and area information are featured monthly in the Williams Realty Partners newsletter Connect; if you'd like to receive the newsletter please email jenna@williamsrealtypartners.