Our housing market is experiencing gridlock. There are a lot more buyers in the market than we have homes for. This is great for sellers, but many sellers are concerned about finding their next place to live and are not willing to put their homes on the market with that uncertainty. If you are thinking of selling and taking advantage of large equity gains but having to buy is holding you back, here are five out-of-the-box solutions for you to consider:
Take WFH To the Next Level
The work environment is changing and employers are getting more flexible with how their employees report to work. In fact, some employers are doing away with the office altogether. Working from home (WFH) means your office can be wherever you are. Depending on your situation, you may have to report in now and again, but what if you only had to report live once a week, once a month, or even just a couple of times per year? If you are interested, check with your employer about working from home and your home search area can get a lot wider.
Make a New Adventure with Short-Term Rentals
Some sellers don't want the stress of selling and then buying and they decide to make a vacation of it! Moving temporarily into a short-term rental (generally for fewer than 30 days, but it depends on the area), can relieve the pressure of juggling two transactions at once, especially when mortgages are involved and everything has to close with just the right timing. You would need to store your belongings while unhoused, which makes this option unappealing for some, but if you are ready for an adventure, this might be a great solution.
Try a New Experience and Rent
Have you always dreamed about living in an urban loft or wondered what it was like to live in a certain neighborhood? Try without committing when you rent for a few months or a year.
Is There Housing Product That Isn't in as High Demand?
Some price points and housing product are seeing higher or lower demand than others. For example, two-bedroom homes will usually have less demand than three-bedroom homes or homes that need some work will usually have less demand than a move-in-ready home. If you can be flexible in what you are looking for, it might be to your advantage.
Take it on the Road
There is a segment of the population who have decided to buy RVs and live a mobile lifestyle. There are RV parks all across the country, including some in our own backyard. If you wanted to give tiny living a try, this could be the opportune time to do so.
Of course, there are also loan products out there, such as bridge loans, that can help with transaction timing as well, but if you really want to keep selling separate from buying, then it may be time to get creative! You may have more options than you think. Let's talk!
