The inventory of homes for sale is increasing, and more property owners are considering listing their current home for sale. They are finally seeing more options meeting their needs and offering a justifiable reason for leaving a home – perhaps even one that they still absolutely love but isn’t quite aligned with what they want for their next chapter of life. Some homeowners we talk to are looking for that perfect scenario to unfold where they find a home to buy, make an offer, and then list their current home for sale after going under contract for their prospective purchase.
Remember, cash is king when it comes to sellers entertaining an offer or comparing offers from competing buyers. There are still some homes with a short list-to-close timeframe, but in most cases, it will take some patience to secure a contract with the right buyer who proceeds to closing.
A seller presented with an offer where the buyer needs (or prefers) to sell a property before closing on their desired purchase, is not typically going to perceive this as ideal. It’s not the strongest position to be in as a buyer, but we are seeing more people in a similar boat who may be willing to work with each other’s timelines.
Keep in mind, the Offer To Purchase and Contract (NC Standard Form 2-T, for residential property) does not allow for contingencies. When an offer indicates the buyer needs to sell another property to complete their proposed purchase, this is strictly informational, it is not a sale contingency. In NC, the due diligence period is set up specifically for the buyer to conduct inspections, explore & address any concerns they may have, and complete any necessary requirements (like final loan approval or selling another property) before proceeding beyond the due diligence period to closing. The due diligence period should allow enough time to accomplish what the buyer needs to ensure they are prepared to move forward and can fulfill their contractual obligations and close on the property.
For those who are unsure about the timing of listing a home for sale, right now is a good time to list and buy real estate. We are seeing an uptick in showings now that the election is behind us and buyers can see all the recovery progress after Hurricane Helene.
We are very pleased to announce Genevieve Helms, from Lake Lure Adventure Company, is joining us as our Home Watch Specialist. Seasonal residents may want to consider these services to help monitor repair projects and conduct home checks in their absence. For more information, please reach out to Genevieve directly at 828-429-5055 lakelureadventure@icloud.com or give us a call. Do you have any questions or a topic you would like to see us cover in an upcoming column? If so, please reach out today. We would love to hear from you!
Wes & Cathy Cleary of Team Cleary Real Estate, Inc. are experienced Realtors® who work full-time as a full-service real estate team serving NC/SC. Lake Lure homeowners since 2002. TeamClearyWNC@gmail.com; Wes 828-785-2115; 828-808-6790 Cathy; www.TeamCleary.com.
