Which Came First, The Chicken or The Egg?

Which Came First, The Chicken or The Egg?

This is a question that has been asked over and over again and has raised controversy repeatedly.

In the current real estate climate, sellers must decide which path to follow first:

Be a seller and place the house on the market, or Find the new House and then sell the current one?

 

The volume of quality listings be so low, there is little chance that a new listing hitting the market will wait very long before a queue of buyers are lined up to view and place their offer.

That same zeal for a home will be the reality of the seller. If they are relocating away from their current home and have already gotten some security with housing, then it is an easy decision to make.

If they are staying in the immediate area and have done some homework they know it's going to be a challenge.  Interject the public's concern over the Covid virus and many just decide to stay the course and wait to sell.

The fact that there are more buyers than sellers affects them when they need to add a sale contingency into an offer at a time when sellers are not only getting multiple offers , over asking, but looking for the contract that is to their best interests.

If a sellers' resources are such that they can afford to buy a new home before they sell their current home then there is no issue. Prior to the financial melt-down of 2007, lender were able to offer a 'bridge loan' product which had a buyer temporarily holding 2 mortgages until the first home sod and then all would be consolidated.

This got to be abused when families would look for a cheaper home than the one they owned and then walk away from the first house and mortgage once they were confirmed with the second mortgage.  Lenders are less likely to allow that scenario to reoccur.

So again, which comes first, the chicken or the egg?

If you are a buyer or seller and the above situation does not apply, then I am ready to help you with whichever side you occupy.

For sellers it is essential to have a sales price on your home consistent with the most recent activity. We offer free market evaluations to assist you in your sale. 

If you would like information on homes for sale in Cheshire CT, please call me at 203-206-0754 or send me an email. I would be happy to assist you or to discuss homes on the market in Cheshire CT. 

 

Which Came First, The Chicken or The Egg? 

 

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Do you know somebody who is behind on their mortgage and doesn't know what to do? I may be able to help them, especially if they are facing foreclosure!

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Whether looking to buy or sell, we service the Greater Waterbury towns of Beacon Falls, Bethany, Cheshire, Naugatuck, Middlebury, Southington, Thomaston, Waterbury, Watertown and Wolcott 

 

Ed Silva  Mapleridge Realty, LLC,   203-206-0754