Nearly 60% of homes in Atlantic City were purchased in all-cash transactions. With plummeting buyer demand and record-high interest rates, homeowners are looking for swift and secure ways to sell their property.

If you’re looking to sell your house quickly in New Jersey, cash home buyers can offer a hassle-free solution. However, not all cash home-buying companies are the same. The offers they give can range from 100% of your property’s fair market value to as low as 50%.

To help you navigate this market, we’ve ranked the best 10 cash home buyers in New Jersey. We will explore each company’s services, average time to offer, time to close, potential closing costs, main benefits, reputation and reviews, and their coverage across New Jersey. Here are some of the companies we’ll delve into:

• iBuyer.com
• Opendoor.com
• We Buy NJ Real Estate
• Halo Homebuyers
• Quick Home Buyers NJ
• I Will Buy Your House For Cash
• Garden State Cash Homes
• Express Homebuyers New Jersey
• We Buy Houses New Jersey
• We Buy Ugly Houses New Jersey

Find a Reputable Cash Home Buyer in New Jersey

Selling a home can be a complex and time-consuming process. It’s often riddled with countless negotiations, home inspections, and a lot of paperwork. However, working with a cash home buyer in New Jersey can offer a simplified solution.

But before choosing cash home buyers in New Jersey, conduct thorough research. Look for companies with positive reviews and testimonials.

iBuyer.com boasts a plethora of satisfied clients that can vouch for our efficient process. With a proven track record of transparency and speed, we understand the unique needs of NJ homeowners. Get in touch with us to work with a reputable cash home buyer in New Jersey.

When to Sell to Cash Home Buyers in New Jersey

Selling your home for cash can be a strategic decision for many homeowners. Here are some of the scenarios where selling to cash home buyers in New Jersey can be a smart move:

Facing Foreclosure

Are you on the brink of foreclosure?

Facing foreclosure can be a distressing experience for any homeowner. If you find yourself dealing with foreclosure and need to sell your home quickly, a cash sale may be your lifeline.

Absentee Owner of an Unoccupied Property

If you own a rental property that’s unoccupied and in poor condition, consider selling it for cash. This can save you from the headache of costly repairs and renovations.

Inherited Property

A lot of people inherit properties they don’t want to manage or invest in. It may be due to the hassle or the financial burden. Selling to cash home buyers in New Jersey provides a clean break from such responsibilities.

Desire for Privacy

Even if your home isn’t, you may prefer the privacy and convenience of a direct sale. We buy houses NJ offers this. You can sell your house without the need for showings and open houses.

How to Sell Your Home to Cash Buyers in New Jersey

Selling your home in New Jersey can be a daunting task. But it doesn’t have to be if you work with cash buyers. Here is the process of selling your house to cash buyers.

Step 1: Find Reputable Cash Home Buyers

Start by searching for “sell my house for cash New Jersey.” Read reviews, check websites, and look for testimonials from previous clients. Also, seek recommendations from friends or family.

Ensure that the cash buyer you choose is a registered business. They should also have a physical address in New Jersey.

Step 2: Contact Cash Home Buyers

Once you’ve identified potential cash buyers, reach out to them to discuss your property. Be ready to share information about your home, including its location, size, and condition.

Reputable cash buyers will often want to visit your property to assess its condition and value. This will help determine the cash offer.

Step 3: Receive Cash Offers

After property evaluation, the cash home buyers will present you with cash offers. Ensure you get offers from multiple cash buyers to ensure you’re getting the best deal.

Step 4: Review and Compare Offers

Review each offer carefully. Consider the following factors:

• Cash offer amount
• Terms and conditions
• Timeline

When discussing these offers, don’t hesitate to mention that you want to “sell my house for cash in New Jersey.” It will help emphasize your intention to move forward quickly with a cash sale.

Step 5: Accept the Best Offer

Once you’ve reviewed and compared the offers, choose the one that best suits your needs. You can also negotiate with the buyer to reach a mutually agreeable price.

Carefully review the terms and conditions of the offer. You can consult with a real estate lawyer to ensure you understand the implications involved in selling to cash home buyers.

Additionally, look for hidden fees or costs. Evaluate the terms for any hidden fees or costs that you may be responsible for. These may include closing costs, transaction fees, or other expenses for sale.

Step 6: The Closing Process

With a cash offer accepted, you’ll move on to the closing process. Be prepared to provide the necessary documents. This includes the deed and any relevant financial records. Upon satisfying all conditions and requirements, you’ll finalize the sale.

Benefits of Cash Home Buyers in New Jersey

There are so many reasons why NJ homeowners choose to sell their property to cash home buyers. Get to know about the main benefits below.

Fast Closing

When you’re ready to sell your home, you don’t want to wait for months on end. Cash home buyers in New Jersey understand the value of time.

Unlike traditional methods, selling to a New Jersey cash buyer is more convenient. They speed up the process, allowing you to close within a matter of weeks or even days. This can be helpful if you want to sell fast due to personal or financial reasons.

No Repairs Needed

Selling a home traditionally often requires costly renovations to improve curb appeal. However, it’s different for cash buyers in New Jersey. They sell your home as-is.

This means you can sell your home without any renovations. As a result, you can avoid the time and expense of making upgrades to your house before a sale. New Jersey cash buyers prefer purchasing homes in any condition-whether they need minor or major cosmetic fixes.

No Fees or Commissions

Real estate transactions are notorious for their fees and commissions. This tends to eat into your profits. But with cash buyers in NJ, most of these costs are covered by them. You won’t have to worry about additional expenses, making the sale more profitable.

No Showings or Open Houses

Preparing your home for showings and open houses can be time-consuming. It is also stressful. With cash sales, you can skip this entire step.

No need to stage your home and prepare for numerous visitors. Selling your home for cash is a straightforward process that respects your time and privacy.

No Obligation Until You Commit

Cash home buyers in New Jersey understand that you want to explore your options. After you receive a no-obligation offer, you have the freedom to compare it to other offers. This ensures that you’re making the right choice for your situation.

No Contingencies

Financial and appraisal contingencies are often a source of negotiation hurdles. They can make negotiations long and difficult.

Luckily, cash buyers in New Jersey can waive contingencies. With a cash sale, you can avoid this hassle.

FAQs About Selling a Home to a Cash Buyer in New Jersey

Still not sure about selling your home to cash buyers in New Jersey? Below are some frequently asked questions answered to help you make a decision.

The post 10 Best Cash Home Buyers in New Jersey in Today’s Market appeared first on iBuyer Blog.

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Many people would argue that real estate isn’t that hard to learn. If you want to sell a house, there are plenty of resources online or at your local library that you can use to learn the trade. 

There is a catch, though. Learning real estate involves learning a lot of terms and definitions. Here’s an exhaustive list of phrases you’ll want to know if you intend to dabble in real estate. 

An important term you’ll want to familiarize yourself with is “seller’s market.” Seller’s market definition, in a nutshell, is when there are not many homes on the market, which drives up demand. 

Another vital aspect of real estate is trends. Real estate trends help determine if you’re in a seller’s market. If you’re unfamiliar with real estate, real estate terms, and real estate trends, read on to learn more. 

Why you should know real estate trends

Understanding real estate is primarily a lot of research. One thing you should keep on top of is learning real estate trends and predictions before you step out onto the market. 

As mentioned earlier, the internet is your friend. You can use many sites to learn what’s popular in real estate for the year and beyond. You’re probably wondering how real estate trends affect a seller’s market. 

If you know what’s popular in real estate, you’ll see if you’re in a position to put your home on the market. Following trends will help you tailor your listing to people looking to buy. 

Current real estate trend examples

We’ll give you examples of current trends in real estate. It might interest you that there are few houses on the market now. More people are looking to buy than there are selling. So, yes, we are in a seller’s market.

By the end of 2021, the average DOM (days on market) for homes was 47 days. “Days on market” is the number of days a home stays listed on local MLS (multiple listing services).

Remember what DOM is and how it impacts selling or buying a home, because it comes back later in the article.

Another trend is that home prices keep rising. Considering the cost of everything keeps increasing, this may not surprise many readers. While prices rose quicker in 2021, they show no signs of slowing down this year.

What is a seller’s market? 

Understanding real estate trends is imperative if you want to take advantage of the seller’s market. But what all does a seller’s market entail? 

Earlier, the article mentioned that the seller’s market definition is when there’s low availability of homes for people to buy. The fewer houses there are for people to buy, the more demand there is for homes. 

While a seller’s market is problematic for buyers, sellers thrive in these markets. The seller is primarily in control because they have what the buyer wants – a house. 

You know you’re in a seller’s market when:

• Homes sell quickly
• Prices increase
• Sellers don’t accommodate buyer’s demands
• Fewer choices for homes
• Buyers are less likely to get discounts
• Multiple buyers make bids on the same property
• Buyers are generally unhappy

Below are two seller’s market examples. The first example happened two years ago during the beginning of the pandemic.   

Demonstrating a seller’s market

In March 2020, the housing market stopped like most businesses and services. When the country reopened, the housing market – like many services and companies, couldn’t keep up with consumer demand.

30-year mortgage rates were also at an all-time low during the time. People didn’t have to worry about pricey mortgages putting them off homeownership.

The lack of housing and low-interest rates created a strong seller’s market. If that example doesn’t help demonstrate a seller’s market, here’s another example.

You live in a city with 10,000 homes, and 3,500 are for sale. Many new jobs have come to your city, making it a prime location for people looking to fill job vacancies. 

People from out of town and local citizens will look to fill those homes. Locals will want new homes as first-time homeowners or are looking to upgrade from their old, smaller homes. 

But the new jobs will eventually require people from out of town. Not everyone in your city will need or want a new occupation.

The competition for houses will create a seller’s market because demand for homes increases faster than supply. Eventually, selling prices will rise due to house rarity value. 

What is a buyer’s market? 

The simplest way to describe a buyer’s market is the opposite of the seller’s market definition. A buyer’s market is when there’s an abundance of homes for consumers to purchase.

The more houses there are for people to buy, the less control a seller has on the market. You could opt to post a pricy listing, but buyers can always pick a less expensive house to buy. 

A buyer’s market is one where sellers have significantly less control. You can’t heavily dictate a need where consumers have more options. It’s also a good rule of thumb to remember that your home will need to stand out. 

You know you’re in a buyer’s market when: 

• Buyers control the market
• Houses take longer to sell
• Prices decrease
• Sellers accommodate buyers’ demands
• There are plenty of choices for homes
• Buyers often get discounts
• Sellers are generally unhappy

The adage “dress to impress” applies to a buyer’s market. But instead of dusting off your best clothes, you’ve got to dress your house up, so it appeals to buyers. 

Example of a buyer’s market

You live in a town where 50,000 homes and 8,000 are currently on sale. Your town’s most significant source of jobs has shut down, and many people are out of work. 

Many citizens want to sell their homes and move somewhere with better economic opportunities. These people put their homes on the market, and suddenly there are 12,000 homes for sale. 

There aren’t many people that want to move to your town because there aren’t many jobs. The people still there either don’t want to or can’t afford to purchase a new home right now. 

The few who can afford a home have an overwhelming advantage because there are many more houses than buyers. 

Tips to sell in a buyer’s market

The first thing you should do is stage to impress the buyer. In theory, it sounds easy to stage your home, so people want to purchase it, but every small thing matters. 

Take care to remove personal effects from view—photos of your family, children’s toys, embroidered items, and electronics. Make the house feel homey but not like you live there. 

Remember to clean the house from top to bottom before people come to look. Showing your home at its best will make people more inclined to buy (or at least consider buying). 

Clean carpets, floors, countertops, and windows. Don’t forget the outside, either. Break out the power washer for the siding and driveway if needed. Apply a new coat of paint to worn doors, trim, and the mailbox. 

Keep in mind the landscaping as well. Make sure the grass and other fauna are neat and trim.

The most important thing to do is offer realistic pricing. Remember, just because you can provide exorbitant prices doesn’t mean you should. Talk to a real estate professional if you’re unsure what the best listing price is.

Why days on market matters

Remember earlier we talked about days on market. DOM is the length of time a house is listed (or market time), but why does that matter? Market time helps buyers determine whether a home is worth their time. 

If you’re looking for a listing, pay close attention to the DOM to see other buyers’ reactions to the property. Homes with short DOMs can sell at or above the asking price. 

For example, we’ll say there’s a house with a DOM of 190 days. Odds are the home is overpriced or impaired in some way. The seller either misread the market or is selling “damaged goods.”

Houses with long DOMs are “stale,” which means they’ve been on the market for too long. Stale homes aren’t likely to sell unless the seller changes their approach. 

How long DOMs benefit you

Sellers don’t want their homes to become stale because stale homes look unappealing to buyers. If you come across a home that’s been listed for a while, you may have found a discount. 

DOM can tell you if a seller is unwilling to budge on their asking price, but it can also lead to people getting no offers.

For many sellers, a low offer is better than nothing; these people may lower their prices to move their houses off the market. One important thing to remember is that homes with high DOMs aren’t necessarily bad options. 

A home may appear a terrible choice because it’s not moving but could be beautiful in reality. That’s why it’s essential to keep an eye out for all DOMs. 

Understanding the seller’s market definition

The seller’s market definition is a low supply and high demand. “What is a seller’s market?” It’s a market where the seller has primary control. The seller dictates how things go because they have what the buyer wants. 

A buyer’s market is the exact opposite. In a buyer’s market, consumers control the flow of home sales. Homes are abundant, so buyers don’t have to settle for a specific seller’s price if they don’t want.

If you’re interested in selling your home, contact iBuyer. We’re in the business of selling homes fast while putting our customers first. Enter your home address and create an account to see what your home is worth. 

The post Seller’s Market Definition – How To Know When It’s Time appeared first on iBuyer Blog.

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In the United States, almost 90% of homes are sold through real estate agents.

One of the most important decisions you’ll make is who to hire as your real estate agent. Do you go with a listing agent or a selling agent? What’s the difference? And which one is right for you?

In this blog post, we’ll break it down for you and help you decide which type of agent is best for your needs.

Keep reading to learn more about listing agents vs. selling agents!

What is a listing agent?

A listing agent is a real estate professional who helps homeowners list their homes for sale. They will handle all the paperwork and marketing associated with putting your home on the market.

Once your home is listed, they will also help to negotiate with buyers and facilitate the sale of your home.

Moreover, listing agents typically work for a real estate brokerage. This means they can draw on the resources of their brokerage to help you sell your home.

For example, they may have access to a team of marketing professionals who can help get your home in front of potential buyers.

What does a listing agent do?

The main responsibility of a listing agent is to help you get your home listed and sold as quickly as possible. To do this, they will need to take care of a few things:

Paperwork: A lot of paperwork goes into listing and selling a home. Your listing agent will help you navigate this paperwork and ensure everything is in order.

Marketing: Once your home is listed, your listing agent will help to market your home to potential buyers. This may include creating online listings, hosting open houses, and more.

Negotiations: When an offer comes in on your home, your listing agent will help you to negotiate with the buyer. They will work to get you the best possible price for your home.

Closing: Once a sale is finalized, your listing agent will help to facilitate the closing process. They will make sure that all of the paperwork is in order and that everything goes smoothly.

What is a selling agent?

A selling agent is a real estate professional who helps buyers purchase homes.

They will work with you to find the right home, negotiate with the seller, and facilitate the purchase of your new home.

Moreover, selling agents typically work for a real estate brokerage. This means that they can draw on the resources of their brokerage to help you find and purchase a home.

For example, they may have access to a team of experienced agents who can help you find the right home.

What does a selling agent do?

The main responsibility of a selling agent is to help you find and purchase the perfect home. To do this, they will need to take care of a few things:

Home Search: Your selling agent will help you to search for homes that fit your needs. They will work with you to find homes in your price range and with the features you’re looking for.

Offer Negotiation: Once you’ve found a home you’re interested in, your selling agent will help you to negotiate an offer with the seller. They will work to get you the best possible price for your new home.

Closing: Once your offer is accepted, your selling agent will help to facilitate the closing process. They will ensure that all the paperwork is in order and that everything goes smoothly.

Move-In: Once you’ve closed on your new home, your selling agent will help you to move in. They will be there to answer any questions you have and ensure everything goes smoothly.

What selling agents can’t do for you

It’s important to note that listing and selling agents cannot do everything for you. There are some things that you will need to take care of on your own:

Financing: You will need to secure the funding for your home before you can purchase it. This means applying for a mortgage and getting approved. Your agent can help you to find a suitable lender, but they cannot get you approved.

Home Inspection: You will need to have a home inspection done before you purchase a home. This is to ensure that the house is in good condition and that there are no hidden problems. Your agent can help you to find a good inspector, but they cannot inspect the home themselves.

Appraisal: You will need to have an inspection done before you purchase a home. This is to make sure that the home is worth the price you’re paying for it. Your agent can help you to find a good appraiser, but they cannot appraise the home themselves.

Closing Costs: You must pay closing costs when purchasing a home. These are fees associated with purchasing your homes, such as loan origination fees, title insurance, and more. Your agent can help you to estimate these costs, but they cannot pay them for you.

Move-In Costs: You will need to pay for your moving costs when you move into your new home. This includes hiring a moving company, renting a truck, and more. Your agent can help you to estimate these costs, but they cannot pay them for you.

Dual agents: Can an agent do both?

In some cases, an agent may be able to act as both a listing agent and a selling agent. This is called being a dual agent. Dual agents are real estate professionals who work with both buyers and sellers.

When working with a dual agent, you must be aware of a few things. Without this, you are left to your own devices, and it cannot be obvious when talking to an agent.

Conflicts of Interest: Because dual agents work with buyers and sellers, there is the potential for conflicts of interest. It’s important to make sure that your agent can represent your best interests.

Limited Representation: Dual agents can only provide limited representation to buyers and sellers. This means that they may not be able to negotiate as aggressively on your behalf.

Less Time: Because dual agents work with buyers and sellers, they may have less time to devote to each client. This could mean a longer home-buying or selling process.

Higher Commission: Because dual agents provide services to buyers and sellers, they may charge a higher commission. Ask about their commission structure before you begin working with them.

Do I need one or the other?

The type of agent you need will depend on your situation. Therefore, the question of selling agent vs. listing agent is about your needs. If you’re selling a home, you’ll need to hire a listing agent. If you’re buying a home, you’ll need to hire a selling agent.

In some cases, you may be able to work with a dual agent. However, there are some potential drawbacks to this that you should be aware of.

Furthermore, you may not need an agent at all. If you’re considering selling your home to an iBuyer, you may be able to avoid the hassle (and expense) of working with a real estate agent altogether.

Consider the iBuyer.com alternative

Now that you know the difference between a listing agent and a selling agent, you are well on your way to making your choice.

If you’re looking for a quick and easy way to sell your home, you may consider working with an iBuyer. iBuyers are companies that will buy your home directly from you.

This can be a great option if you’re looking to sell your home quickly and without any hassle.

The post Listing Agent vs. Selling Agent – Key Differences to Consider appeared first on iBuyer Blog.

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In 2023, the US real estate market faced its slowest pace in home sales since the Great Recession in 2008, with mortgage rates soaring to 8% and a significant drop in available inventory deterring potential buyers​​. The average home price also reached an unprecedented $761,540 in March of this year​​.

While many people continue their journey into homeownership, the challenges of today’s market show the intricate balance of buying a new home before selling an existing one.

Particularly if you’re buying a house before selling yours.

Although it’d be much more convenient for many people to have a place to move to before selling their own house, they wonder if the process is impossible. More people sell before buying, and there’s a good reason for that — they don’t want to pay two mortgages at once for any length of time.

However, there are some situations where buying first might suit you better. Let’s take a look at what that involves, as well as the advantages and disadvantages of doing it this way so you can make an informed decision.

The Roadblocks to Buying a House Before Selling

If you’re looking into how to buy another house before selling yours, it’s not just about if you’re willing to pay two mortgages until yours sells — there are two main roadblocks you need to think about, including:

• Saving for a down payment on the new house (averaging 17% for repeat buyers)
• Your debt-to-income ratio

Saving for a down payment on a house can be very difficult when you’re responsible for a mortgage every month, so you need to consider this ahead of time. In today’s competitive market, you need to make sure you have an attractive down payment so a seller is more likely to go with your offer.

The debt-to-income ratio is a little trickier, even if you have a solid down payment. This is calculated by how much your income is each month vs. your monthly payments. When you buy a home without having one already, there’s no mortgage to factor into this — but when you own more than one house, there’s a big payment that may skew your finances heavily on the side of debt.

Potential Solutions

Now that you know the main roadblocks, it’s time to take a look at potential solutions. You can use these to get past having a high debt-to-income ratio or having no down payment.

401(k) loan

Getting a 401(k) loan can help you get a bigger down payment for the house and maybe even bypass a poor debt-to-income ratio to ensure you can secure your new home. 401(k) loans are quick and often the cheapest way to get money in your hand so you can use it to make a higher down payment and therefore, have more of a chance of getting the house.

Those who have inherited 401(k)s follow a slightly different process, as they must take the money within ten years.

Using Equity From Your Current House to Buy

You can always try getting a home equity loan from your current house if you’ve paid enough of it off. You can do this to afford a down payment or even bypass the debt-to-income issue by buying the house outright.

Sales-Leaseback Contingency

A sales-leaseback contingency usually means selling your home first, but it works the same way as selling after — almost.

It gives you a certain amount of time to live in your current home — usually around a month or two. After your house sells, you have that amount of time to move out, meaning you can search for another home in that time. The issue is that the new buyer has no obligation to extend the sales-leaseback contingency, so you need to work hard to find a new house and move out in that time.

Cash-Out Refinance

Cash-out refinancing gives you a bigger mortgage that will replace your current home loan, meaning you can take advantage of the equity you’ve built up in your home. You can then access the difference between the two mortgages in cash which can be used towards your new home.

Consider Whose Name Is On the House

If you’re moving with a spouse, family, or even a friend, consider whose name is on the loan. If you can afford the same house under one name, one person with a better debt-to-income ratio can buy the house and you can add someone else to the mortgage later if you feel it’s necessary. 

Wait

It sounds obvious but if your debt-to-income ratio isn’t great yet, wait it out! You’ll pay down credit cards over time and get rid of other debt that slowly starts to bring your income far above your debt. If you can afford to wait then hold tight, pay things down, and don’t keep adding to them — that’ll likely put you in a position to buy a house before selling your home. 

The Tax Implications of Buying a House Before Selling

If you want to buy a house before selling yours, you might be worried about the tax implications. 

There is a tax exclusion called the Section 121 exclusion which means that if you have a capital gain from your main home (and meet the regulations set that categorize a house as your main home), you might be able o exclude up to $250,000 of that from your income. That number rises to $500,000 if you file your taxes jointly.

For the most part, capital gains tax is what you need to bear in mind. You pay short-term capital gains tax if you’ve owned your home for under a year or long-term for more, and the long-term can get up to 20%.

Taxes are stressful for everyone, so research how this will impact you and how you can save.

Should I Sell My House Before Buying a New One?

So now that you’re aware of the roadblocks and how to buy a house before selling your current house, what do you need to consider? Here are the things you should look at when deciding if this is right for you.

Consider Your Situation

Buying a second house before selling can be tricky, but it’s worth it for some people. Do you have a lot of belongings or kids and pets who you can’t risk being homeless with because finding accommodation might be difficult? Then buying a house first may be the best idea.

It’s hard to say for sure what you should do because everyone’s situation is different, but as long as you’re honest with yourself and weigh everything up, you’ll make the right choice.

Get the Value of Your House

Before entering any selling process, you need to make sure you get your house appraised and get its right value. This will give you a much better idea of how your finances are going to look after the process.

You can also do a home inspection to get an idea of what you’ll need to repair. While home inspections often happen during the selling process, while a buyer is already invested, there’s nothing to stop you from getting one done beforehand.

This will limit the risk of surprises and get you prepared, so you aren’t stuck with your house longer than you had to be or paying for repairs way out of budget.

Check Out Your Debt-to-Income Ratio

Before even beginning the process, you can calculate your debt-to-income ratio online. Put in all the numbers and you should get a solid idea of where it’s at. 

For a home loan, 43% is the absolute highest it can be though lenders much prefer it to be less. If your debt-to-income ratio is higher, try paying off some loans and credit cards before you go ahead, as it might just bring that ratio down to the magic number.

Calculate Mortgage Payments

You should also do a rough calculation of your mortgage payments to make sure you’d be comfortable paying this for an indefinite period of time if your house didn’t sell.

You may not know exactly what the mortgage would be on the second house, but you can look at homes within your budget on sites like Zillow, which has a mortgage calculator. 

The Advantages of Buying First

The last thing you need to look at if you want to buy a house before selling yours is a list of the pros and cons of buying first. Weighing this up will help you make the right decision.

You Don’t Have to Worry About Showings

Showing your home when selling can be a real pain. You often have to get the pets secured away, get the kids out, and go for a walk — all the while keeping the house sparkling clean because a showing could happen at any moment.

That’s not the case when you’ve bought a house first. You can get your old house deep cleaned and move into the new one, leaving it constantly staged so people can come over whenever they want to view it. 

Make Repairs and Improvements

If you want to make repairs and improvements to your home, it’s much easier to do that while not living there. You can take all the time you want to remodel your home and make sure it’s perfect for anyone who might end up living there — which also ensures you get the highest offer possible and make the most profit.

You Won’t Be Homeless

Selling a house before buying can often leave you needing somewhere to go in the interim. This might mean staying at paid accommodation or with friends or family while putting your stuff in a storage unit.

If you buy a house first, you don’t need to worry about that for the same reason. 

More Choice With Offers

People who are in a hurry to move out of their current home so they can start looking for a new one might take some lowball offers. If you can afford to pay two mortgages and exist in your new home, you won’t be tempted to do that.

The Disadvantages of Buying First

As with anything, there are some disadvantages to buying a home first. Here’s what to bear in mind.

It’s Stressful

The truth is, although the payoff is great in the end, it’s initially very stressful. You’re buying a home while preparing yours to sell and may be going through a lot of extra processes like 401(k) loans to ensure you have the money to pay for everything.

You’re Much More Likely to Hit a Snag

If you buy a home first, the average person is much more likely to find that the process falls through. Either they can’t find a home within their limited budget, they get rejected for a loan, or their debt-to-income ratio simply isn’t good enough.

You Have No Idea How Long You’ll Be Paying Two Mortgages

If you still have a mortgage on your current home, you’re stuck paying it until your old house sells. Although in a seller’s market that won’t be long and you can predict a rough idea of what’s likely to happen, absolutely nothing is guaranteed. 

You need to be prepared to pay two mortgages for quite a while, and mortgages don’t tend to be cheap.

Make the Best Call for You

At the end of the day, you need to make the best call for you. Buying a house before selling can be extremely stressful if you’re left waiting for someone to purchase yours, but it can also be the best call for a lot of people. This is particularly true if you have a solid selling plan in place and aren’t worried about this.

For instant offers on your home, check out our site today. We can connect you with buyers who are looking to make a quick offer on your house so you won’t be stuck paying that second mortgage forever.

The post How To Buy a House Before Selling Yours in Today’s Market appeared first on iBuyer Blog.

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