If you are a homeowner who is considering making a move this year, then a KALEO agent’s guess is one of your biggest questions is: how do I make it all line up? How do I get the sale of the house I’m living in to line up with me finding my dream home? How do I pull it off financially?
One of KALEO agents’ predictions for 2024 is that contingent sales will thrive! What is a contingent sale? For REALTORS, a contingent sale is one in which the seller is buying a replacement property contingent (or dependent) on them selling their current home. It means you are only buying the replacement home if your current home sells.
Contingent sales offer a solution to the sell/buy dilemma, eliminating the stress of uncertainties like a home falling out of escrow. Financially, many Americans looking to make a move this year need the proceeds from their sale to put into their next home as a downpayment.
Here are 3 other solutions that can help you make a move:
1. Consider a unique option: closing escrow on your home and renting it back from the new buyer. This grants you time to find a suitable property or extend your moving timeline.
2. Buying first, closing escrow, and then selling your home. For some people, this might be financially difficult to come up with the funds to buy and then sell. However, there are special loan programs that allow you to do this through your lender for a small premium.
3. Combining Households: An increasingly common trend is when combining households sell individual properties to move in together. This might be a couple each selling their current home to buy a property to live in together, or parents and grandparents moving into a multi-generational dwelling. The more parties involved, the more important it is to have honest conversations with your lender and agent about what is possible.
This year, KALEO agents are leaning into their identity as “problem solvers” and “solution finders”. What real estate problem are you looking to solve? Send a KALEO agent a message and they can set up a meeting — from a quick 15-minute phone call to a 2-hour listing appointment — when you hire a KALEO agent, they’ll get it sold.
