Which Came First, The Chicken or The Egg?

By
Real Estate Agent with Mapleridge Realty, CT 203-206-0754 REB.0759001

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?

 Which Came First, The Chicken or The Egg?

The volume of quality listings is 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, lenders were able to offer a 'bridge loan' product which had a buyer temporarily holding 2 mortgages until the first home sold 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. 

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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

Comments (52)

Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Thank you Hannah, the issue for me is one of some of my clients that need to do both

Apr 17, 2021 02:52 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Will, an inventory that lasts longer than 2 weeks is the answer

Apr 17, 2021 02:53 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Mark, sellers rule, and if they don't need to buy they are easy. Buyers are the weakness for all of us.

Apr 17, 2021 02:54 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

George, It's not easy these days and sellers need to be ready with their next location before they put it on the market. Even rentals are tough

Apr 17, 2021 04:00 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Kathy, buyers are like sharks with blood in the water when a new listing comes on market

Apr 17, 2021 04:01 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Kat, yes every situation is different but the lot of a buyer is the worst

Apr 17, 2021 04:01 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Carla, for a lot of people temporary quarters are just as hard to find

Apr 17, 2021 04:03 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Funny Julie, tells a different story

Apr 17, 2021 04:04 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Tom, you may well be inundated with sellers from the north and then you will have our pain

Apr 17, 2021 04:05 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Jeff, I just started with a seller and this is the issue and another that is a short sale so credit will be an issue there

Apr 17, 2021 04:07 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Thank you Sham, I like your comment

Apr 17, 2021 04:08 PM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Dorie, I attended an Open House with a buyer this afternoon and the line to get in was around the corner.

While showing a house to another buyer last night, someone stopped their car and just walked into the house. I had to rush them right out the door.

Apr 17, 2021 04:10 PM
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Interesting post that challenged me since  I've always been curious about hot market areas and whether listing  agents use pocket listings as a marketing strategy since nobody will ever know how the accepted offer was determined. So, talk about the chicken or the egg?

Apr 18, 2021 08:56 AM
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

In this hot market, it's rare that a seller will take a contingent offer.  I've been telling sellers--you may have to move to temp housing if you can't get approved for two house payments.  yes, it's a big inconvenience but worth it if you get the house you want!

Apr 18, 2021 09:33 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

Hi Ed,  Thanks for sharing this great post - the analogy of the chicken and the egg works perfect in our current real estate market.

Apr 18, 2021 06:55 PM
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

its really difficult right now for a seller to sell and buy at the same time. Easy to sell but not so easy to find a home to buy. I have to let people know they may sell faster than they can buy so they need to know where they will live! Catch 22

Thank you for a great Post!!

Apr 21, 2021 12:39 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Kimo, I am also suspicious about a pocket listing especially in this market.  I have seen agents bring in clients before a home goes on market and within a few days of hitting it is under contract with the listing agent or someone from their agency

Apr 21, 2021 06:58 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Mary, it is difficult especially for a home owner that wants to move up. A lease back could be an option if presented at time of listing under the attachments section.

 

Apr 21, 2021 07:10 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Bob, it's tough to determine which would be better for a seller.

Apr 21, 2021 07:10 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Debra, the bridge loans were once an option but don't know if there's is something similar after the great banking collapse

Apr 21, 2021 07:12 AM