Home ownership on the Monterey Peninsula
The Monterey Peninsula is a luxury real estate market, and one of the more desirable living destinations in the world. For this reason, home values on the Monterey Peninsula are considerably higher than state and national averages. If you own a home on the Monterey Peninsula, you own a valuable asset, one that could potentially allow you access to considerable equity.
If you are like many of my clients, it's possible that you want to sell your home and buy a new home here on the Monterey Peninsula. For some clients, this is a two step process: you take your time and buy your new dream home, and then once moved in, you list your other property for sale on the market. However, the majority of homeowners may not be in a position to own more than one home at a time. When you are looking to trade-in your home — whether you are a growing family, looking to sell your starter house to move-up in size, or a retiring couple looking to sell the family home and downsize into something more manageable — you may need more help deciding the best strategy to accomplish your goals.
Buy the New Home First
As mentioned above, you may have the means to buy another home outright. This affords you the benefit of being able to take your time shopping, and then move into this new home before making a decision on what to do with the first property. Ways to do this include:
Sell Your Existing Home First
If you have some flexibility in your life situation, it may be a good idea to sell your home first and then take your time deciding what to do next. In this situation, you can be patient in fielding offers for your home. You can put your profits in the bank, and let the dust settle before deciding what type of purchase to make next. This is especially helpful if you are relocating, as it will give you a chance to get to know the new area before committing to buying a home. However, it can mean having to move your possessions more than once, or finding a storage solution. Ways to do this include:
Selling as a Contingency of Buying
Another common way to facilitate the need to move-up or downsize to your next home is to make a contingent offer. You can make an offer to buy a home, with the condition that you are successfully able to sell your own home first. If you end up unable to sell your own home, you can back out of the purchase. This contingency allows you the convenience of shopping for a new home without having the sale of your current property finalized.
In a strong seller's market, it's important to work with an agent who is doing a lot of business in your area, and understands the finer points of strategy when it comes to contingent offers. If you write a strong contingent offer, you have a good chance of getting your offer accepted. In order to do that, though, you will want your listing looking great and positioned to sell. Below are some important points to consider:
Your Trusted Guide Through the Process
If you or someone you know is thinking about selling a home in order to buy another, it helps to have a trusted resource to call on. Whether your goal is to move up to a larger home, or to downsize into something more manageable, it is important to have the right professional there to guide you through the process.
I encourage you to call me at 831-869-6117 so we can discuss the current market dynamics and review your options for getting the absolute best results possible.
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