To List or Buy First, That is the Question?

I reached out to one of my agents today and asked, what is the question you hear most from prospective Berks County home sellers? The agent was Sam Padovani. He has been in the real estate business for just over one year and has been a phenomenal addition to the Weichert Realtors Neighborhood One team. Sam said many of his Berks County seller clients ask if they should list their home before they buy. It is a great question and, like most real estate questions, has many different answers. The reason for the question is obvious. Home sellers looking to buy do not want to be homeless. The direct answer is to list your home first then buy. This assumes you need to sell to buy or do not care to have two mortgages. The reasons to do so are as follows… #1. Before shopping for a home you want to know what your resources are- This involves understanding your net worth. This includes savings accounts, investments & your present home value. The best way to understand your home’s value is to talk with a Berks County real estate professional or two. Having the home on the market will better define the actual value you will receive for it. Even your best real estate professional estimates the value of your home. Real Berks County home buyers tell the real tale of property value. #2. The Home Seller Has More Control- As a home seller you have rights. One of them is not to sell your home if you have not found a suitable replacement. This does not mean it should not be for sale. Make sure you and your Realtor are on the same page with this. I advise Berks County home sellers not to put the following contingency on their home sale, “Home Sale Contingent in Seller Finding the Home of Their Choice”. This is a red flag to home buyers and their Realtors and could lead to lower traffic to the home. Possessions is a condition that should be discussed during negotiations not used as a pre-negotiated condition. #3. Home Sellers Are Buyers Too- Having your home for sale may help you get a better deal on a home you want to buy. When a Berks County buyer’s agent brings an Agreement of Sale for me to present to my seller, I hope there are no conditions. Unfortunately, that is almost never the case. The more conditions, the weaker the offer. If I receive an offer that has a home sale contingency I immediately ask the agent if the prospective buyer’s home is on the market. If the answer is “no” that is a big negative. Now I have no feedback or recent property marketing history to rely on and counsel my home seller with. If the buyer’s home is for sale it offers more facts. This is good for the buyer because it lessens the condition thus making the offer stronger. #4. Being Prepared- There have been times I have shown my home seller properties they cannot buy without selling their home. The find one they like and feel they have to hurry and put their home for sale. This does not happen overnight. While we are mobilizing, the home they wanted sells. This is not a great feeling. Many times it is the hard lesson learned. Jeffrey C. Hogue