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Are You In Shape To Purchase Your Next Home?

By Don Rogers

Real Estate Agent with Keller Williams Realty Chesterfield

April 23, 2009 02:46 AM

You have lived in your O Fallon MO home now for awhile and are ready to go to your "next" level in a home. This could be a larger home because your family is growing and your home is not, or your family has grown up and move away and now you need something smaller. I call both of these scenarios "Right Sizing". Either way you have a home to sell before you are able to buy your next home and you are wondering just how to handle this situation that you are finding yourself in.

Getting yourself prepared to purchase a new home takes planning. When you currently own a home and need to sell the current home as well as purchase, the planning of the sale and purchase can be best managed with diligent consideration of the following items:

Realistically pricing your current home based upon the comparable homes that have recently sold in a similar location with similar amenities and upgrades. I would suggest using comparables for the last four (4) months and not the traditional six (6) months due to the continual change in the marketplace.
Do not price your current home upon what you would like to purchase. Remember your home will have to appraise for the agreed amount in the contract and if you are over priced and it doesn't appraise then you will be faced with having to reduce the sale price to the appraised amount or possibly lose a buyer and still have to reduce the asking price.
Consult a mortgage loan officer to understand your financing options:

Interim financing

Conventional financing

Understand the current marketplace:

What is the average time on the market for homes in the same price range?

What is the average time it takes to go from contract to closing?

Although it might be difficult to imagine not purchasing a new home until your current home is under contract and contingencies have been met, you will be in a better position to negotiate with a new seller.

So, let me ask "Are You In Shape To Purchase Your Next Home?"

Other related seller topics:

Are You Really Serious About Selling Your Home?

Why Is It Important To Price My Home Right From The Start?

Things Every Consumer Needs To Know About Real Estate Appraisals.

Top Reasons For Using A Professional Real Estate Agent.

Other related buyer topics:

Home Buyers In O Fallon MO Information You May Need Or Want.

Are You An Out Of Shape O Fallon MO Home Buyer?

Home Buyers In O Fallon MO Need To Do A Self Evaluation?

Are You A "Smart" O Fallon MO Home Buyer?

Remember if you are looking for an agent in O'Fallon Missouri or anywhere in the St Charles County Missouri area to list and sell your home give Don Rogers a call at 314-954-6775 or send me an email at Don@DRogersHomes.com and we can begin the home selling process. There are a lot of real estate agents the St Charles County area but none better to give you the proper information and help to get your home SOLD.

Helping you achieve your next level of the American Dream. Ready?

Search for homes on the market in our area by visiting my new website! Click the link below and register to get full access to unlimited listings!

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Toula Rosebrock

Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ

Broker/Sales Associate, Realtor, Lacey Township,

ToulaRosebrock,com

Hi Don:

Very clever title!

I actually following the latest appraisal rules in this area, to just use sales from the last 3 months...

Apr 23, 2009 05:20 AM

Don Rogers

Keller Williams Realty Chesterfield - O'Fallon, MO

Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes

Good afternoon Toula,

Thank you for stopping in and being the first to comment. I think that using the three or four months sales is more of a real price than going back the six months that we used to use. This market just doesn't allow that kind of leeway.

Apr 23, 2009 06:43 AM

Ken Tracy

Coldwell Banker Residential - Naperville, IL

Helping clients buy and sell since 2005

Hi Don. The new website looks great.

Keep it up!

Ken

Apr 23, 2009 09:53 AM

Ken,

Thank you sir, I am just tryin to stay ahead of the curve.

Apr 23, 2009 11:24 AM

Terry & Bonnie Westbrook

Westbrook Realty Broker-Owner - Grand Rapids, MI

Westbrook Realty - Grand Rapids Forest Hills MI Re

Getting the current property ready and then being realistic about the price is the larger part of the process. Great advice.

Apr 23, 2009 02:48 PM

Dan and Amy Schuman

Howard Hanna Real Estate Services - Solon, OH

Luxury Home Specialists

Don, selling and buying another home is a real difficult thing for today's sellers, that is why they need a great agent like you to help them achieve their goals. This post offers real sound advice and pricing right is certainly key.

Apr 23, 2009 03:07 PM

Good morning Terry,

Thank you sir, Sellers do need to be realistic all through the process if they want to move to their next home in a timely manner. If not there is no sense in placing their home on the market.

Apr 23, 2009 10:11 PM

Dan and Amy,

Selling a home in today's market and wanting to buy another one is not going to be easy BUT it can be less stressful if sellers/buyers do things sensible and realistically.

Apr 23, 2009 10:14 PM

Gail MacMillan

Titusville, FL

Hi Don...great series you've been writing where you've covered the important elements and given much food for thought. I don't envy the consumer right now as there's never been more pitfalls, with appraisals being high on the list. Hopefully your posts will help a few to understand a little more than they did. Good job :-)

Apr 24, 2009 12:03 AM

Good morning Gail,

Thank you ma'am. I agree, appraisals could be a real problem very soon if they are not already. I just hope that the bank won't require a second one before close, this could really set off some fireworks if they do.

Apr 24, 2009 12:51 AM

Ryan Shaughnessy

PREA Signature Realty - www.preasignaturerealty.com - Saint Louis, MO

Broker/Attorney - Your Lafayette Square Real Estate Partner

Don - I like these buyer/seller series that you are doing right now. A lot of good information in these posts. Thanks for sharing your insights.

Apr 25, 2009 03:33 PM

Thank you Ryan,

I appreciate you following the series and commenting along the way.

Apr 26, 2009 12:23 AM

Are You In Shape To Purchase Your Next Home?

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