Central Ohio is experiencing an extreme housing shortage.
Here’s a report from the trenches:
Text from one of my agents: “26 showing requests since I put the new listing on the MLS an hour ago“.
“More than 60 showing requests after a Coming Soon sign was posted for Friday and Saturday” … that’s for a $325,000 listing in the Dublin School District.
Home values have increased by double digits in the past year, but buyers are lining up as soon as a listing hits the market.
The Fear of Not Finding a New Home
Many homeowners are holding off from listing their property, because they fear they can’t find a new home. The proverbial chicken-and-egg problem.
For buyers to win in this competitive market you must pay cash or have enough cash to cover an appraisal shortage. You can’t have a home sale contingency, and you have to waive most other contingencies.
How can you buy without a home sale contingency and without having to move into temporary housing?
3 Ways to Buy without Contingencies
Sell & Lease Back: There are companies, like Knock, that will buy your house and lease it back to you for up to a year.
This allows you to make non-contingent offers on a new house. You will also have cash to cover an appraisal shortage or pay all cash.
Blanket Loan: In this case your lender writes a loan that covers 2 properties: your current home and your new purchase. Both properties serve as collateral, and you are allowed to sell your old home without retiring the entire mortgage.
You will have higher loan payments during the transition, but it gives you plenty of time to move, and you can buy without a home sale contingency.
Extended Possession: Due to the high demand, buyers have become very flexible. They often grant sellers extended possession beyond the closing date.
I have negotiated up to 2 months possession after closing for my sellers. Best of all, they did not even have to pay rent to the new owners.
Which Strategy is Best for You?
If a home sale contingency is holding you back from listing your home and buying a new one, call or text me today at (614) 975-9650!
I can help you with any of these 3 strategies. Let’s find out which one is most beneficial for you.
Let me help you sell without contingencies! Call or Text me Today at (614) 975-9650.
Susanne Novak has been a Realtor since 2007. She is the broker and owner of RE/MAX 24/7 in the Dublin Historic District. Susanne typically helps 50-60 families each year with their real estate needs. She's your trusted advisor when you search for your dream home, and a skilled negotiator when she lists your property to get top dollar when you sell.