Here are the options for homeowners who need to buy and sell in this market.
The biggest concern for home sellers in this market is being able to find their next property. If you’re also worried about that, you should know that you have multiple options.
One of them is negotiating with the buyer of your home to see if they’d be willing to rent the home back to you for a short period of time. Another option is to negotiate an extended closing date on the contract. Both of these give you more time to shop.
You could rent a temporary place for a few months while you search for a new home. In the Triangle and OBX areas, there are places that allow for short, temporary leases. It’s not inexpensive, but it gives you the flexibility to move right away when you find your new home.
Finally, bridge financing is an option. There are many lenders out there who will allow you to purchase your next home, then use the proceeds from your current home sale to pay for it.
Looking for a new home is a little more nerve-wracking than normal in this market, but we’re here to help. If you have any questions for us, don’t hesitate to reach out via phone or email. We look forward to hearing from you.