Are you a homeowner in the Ann Arbor area who is thinking of making an upgrade? If so, one of the questions you’ve likely pondered is what you’re going to do if you current home doesn’t sell before it’s time to move in to your new one. In this post we’ll share a couple of tips on how to shorten the gap between buying a new Ann Arbor home and selling your old one.
Check the Market’s Temperature
The chief mistake made by homeowners that suffer a lengthy buying and selling gap is trying to list and sell their old home during a cooler period in the market. Ann Arbor real estate tends to move a bit faster in the spring and summer months, so if you are looking for an expedient sale you may want to reconsider trying to sell in the winter. You’ll also want to determine what kind of pricing buyers are willing to bite at – click here to browse through our property listings and be sure to check out similar homes in your community.
Line Up Any Necessary Bridge Financing
It’s a good idea to take a look at your financial picture and how it might be impacted by a delay in selling your current home. Are you going to be managing two mortgages – one on your old home and one on your new one? You’ll need to ensure that you can juggle two mortgage payments so that you don’t miss one. One option is to set aside a ‘transition fund’ which you can rely on to cover any financial items that pop up while you’re waiting for your old home to sell. You can also talk to your bank about bridge financing to see if they would be willing to help you cover any financial shortfall that arises during your transition into a new home. Whatever the case, be sure that your financial situation looks good so that you can avoid any undue stress when you’re trying to close your sale.
Use Your Transition Period Wisely
If you have moved into your new home but are still sitting on your old one waiting for it to sell, use this time wisely. Work on your home’s curb appeal by sprucing up the landscaping, throwing on a fresh coat of paint and touching up the windows and door fixtures. If you want to tackle some interior upgrades, look for high-impact renovations like new bathroom fixtures or new appliances and countertops in the kitchen. Putting a bit of elbow grease in to your old home can increase its appeal to buyers, and thus is may sell a bit quicker.
When you sell your Ann Arbor home, you’ll want to work with a real estate team that understands the local market and how to attract buyer interest quickly. Call the sales specialists at Kathy Toth & Team at (734) 669-0337 or reach out with a quick email by clicking here. We’re happy to share how our marketing approach will have your home sold quickly. Thanks for visiting!