Question: We are ready to sell our home, but with inventory so low, what if we cannot find a new one?
The thought of “temporary housing” or “staying with the parents for a while” will usually cause a cold chill to shoot up and down the spine of a potential home seller. And for good reason. Who wants to move more than once? Every seller would like to move from the home that they have sold right into their new home. And 99 percent of the time, that is exactly what happens. That 1 percent is typically the choice of the seller. We have had some clients that prefer to obtain temporary housing. They like to close the chapter completely on selling before focusing on their purchase. Each to his/her own, I say.
I just ran stats for our area and we are down to less than three months of inventory. That puts us into a strong seller’s market, officially. So asking if it is hard to find a new home is a relevant question. In our experience, due to our activity level in our market, we have always been able to find a great home for our clients (even in a seller’s market). Sometimes it happens the first day a home goes into MLS. Other times we find out about a great property through our networking with other great agents. Leah and I found our own home in Indian Fields that way. Or it could be a FSBO, or just from simple door-knocking in a neighborhood and looking for potential sellers.
Probably the biggest adjustment a buyer faces going from a buyer’s market to a seller’s market is in their list of criteria. Last year, we would coach our buyer clients to identify what their dream home looks like first, and then if we couldn’t find it we would slowly peel away the negotiable characteristics until we found their home. This year, a buyer should really focus on their non-negotiable items first — you know, your “must haves.” An example might be the elementary school, or the number of bedrooms and baths, or a full basement for storage.
When your options are few, it is extremely important to focus on your non-negotiables. This does not mean that you have to “settle.” It just means that you have to accept the market as it is. If you fight the market, you will lose every time.
Again, I would like to reassure those of you who are considering listing your home and are concerned about finding your next home. We have yet to leave anyone homeless. I am not saying that we haven’t gone down to the wire. But at the end of the day, it always works out. Everything does happen for a reason. It is amazing how one day your new home just shows up. Keep the faith!
This weekly sponsored column is written by Chad Taylor of the Taylor-Made Team and Keller Williams Realty Key Partners, LLC. The Taylor-Made Team consistently performs in the top 3 percent of Realtors in the Heartland MLS. Please submit follow-up questions in the comments section or via email. You can find out more about the Taylor-Made Team on its website. And always feel free to call at 913-825-7540.
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