Sign up to get new listings emailed daily! JOIN SIGN IN
Terry Lipe
REALTOR®, CRS, ABR, CLHMS, SFR, CNHS, RCC
(509) 999-7916
Facebook Icon Realtor.com Icon Zillow Icon VCard Icon 

Date Archives: September 2021

Terry's Real Estate Blog Home

Subscribe and receive email notifications of new blog posts.




rss logo RSS Feed
Buying A Home | 5 Posts
Doers of Good | 1 Posts
Food | 5 Posts
Holidays | 4 Posts
Market Reports | 54 Posts
Moving Tips | 1 Posts
News | 3 Posts
Selling A Home | 5 Posts
Spokane Life | 34 Posts
Spring Cleaning | 1 Posts
Technology | 1 Posts
Uncategorized | 1 Posts
September
20

9 Tips for Buying and Selling Your Home at the Same Time

Selling your home while shopping for a new one can feel daunting to even the most seasoned homeowner––especially when the competition for housing is so high. That doesn't mean, though, that you should just throw up your hands and give up on moving altogether. In fact, as a current homeowner, you could be in a better position than most to capitalize on a seller's market and make a smooth transition from your old home to a new one.

We can help you prepare for the road ahead. Here are some of the most frequent concerns we hear from clients who are trying to buy and sell at the same time.

"What will I do if I sell my house before I can buy a new one?"

While it may be an inconvenience, this is a common scenario that can usually be handled with a little creativity and compromise. Here are some options to consider:

1: Flex your muscles as a seller.

In some cases, a buyer may agree to a rent-back clause that allows the seller to continue living in the home after closing for a set period of time and negotiated fee. We can discuss the benefits and risks involved and whether it's a good option for you.

2: Open your mind to short-term housing options.

If you're lucky enough to have family or friends who offer to take you in, that may be ideal. If not, check out furnished apartments, vacation rentals and month-to-month leases. If space is an issue, consider putting some of your furniture and possessions in storage.

3: Embrace the idea of selling now and buying later.

With cash on hand from the sale of your current home, you'll be in a better position to budget for and buy your next home. And by focusing on one step at a time, you can alleviate some of the pressure and uncertainty involved.

"What if I get stuck with two mortgages at the same time?"

If you can't afford to carry both mortgages, then selling before you buy may be best. (See Tip #3.) But if you have flexibility in your budget for some overlap, it is possible to manage a home sale and purchase simultaneously. Here are some steps to help streamline the process:

4: As you get ready to sell, simplify.

You can condense your sales timeline if you only focus on the renovations and tasks that matter most. We can advise you on the repairs and upgrades that are worth your time and investment.

5: Prep your paperwork.

If you'll need a mortgage for your next home purchase, get pre-approved in advance. And start pulling together relevant records for your current home, such as appliance warranties and renovation permits. That way, you'll be ready to provide quick answers to buyers' questions should they arise.

6: Ask about other contingencies that can be included in your contracts.

For example, it's possible to add a clause to your purchase offer that lets you cancel the contract if you haven't sold your previous home. This tactic could backfire, though, if you're competing with other buyers. We can discuss the pros and cons of contingencies and what's realistic given current market dynamics.

"What if I mess up my timing or burn out from all the stress?"

To make sure you're in the right headspace, take the time to slow down, breathe and delegate as much as possible. In addition:

7: Relax and accept that compromise is inevitable.

Rather than worry about getting every detail right with your housing search and home sale, trust that things will work out eventually––even if it doesn't look like your Plan A or even your Plan B or Plan C. Luckily, if you've got a good team of professionals, you can relax knowing that others have your back and are monitoring the details behind the scenes.

8: Don't worry too much if your path is straying from convention.

Remember that rules-of-thumb and home-buying trends are just that: they are estimates, not facts. So if your home search or sale isn't going exactly like your neighbor's, it doesn't mean that you are doomed to fail.

9: Enlist help early.

Which leads us to our final tip: If possible, call us early in the process. We'll not only provide you with key guidance on what you should do to prep your current property for sale, we'll also help you narrow down the parameters for your next one. That way, you'll be prepared to act quickly and confidently when it comes time to list your home and make an offer on a new one.

Call today for tailored advice that works for you

Buying and selling a home at the same time is challenging. But it doesn't have to be a nightmare, and it can even be fun. Click here for a free consultation so that we can help you review your options and decide the best way forward - or visit our site for listing of homes for sale.

September
13

How to Prioritize Home Improvement Projects

Spokane Home Improvement

When looking at Spokane homes for sale, buyers often plan how they might fix up a home or make it their own. The right home improvements can go a long way towards making a home more livable and increasing its value. But as your list of home improvement projects grows, how do you decide which ones to tackle first? Here are some tips to help you prioritize your to-do list.

  • Improve Function Before Looks
    Most home improvement projects can be placed into one of two categories. Either the project is aimed at improving the function of the home, or it's aimed at improving the appearance of the home. Painting your walls a different color, for example, is an appearance-based home improvement. Replacing a leaking window is a function-based improvement.

    Tackling functional improvements before looks-based ones will help keep your home safe, secure, and resistant to additional damage.

  • Do Small Projects First
    If your long to-do list is starting to intimidate you, sometimes the best approach is to tackle the smallest, least-demanding projects first. This allows you to start crossing things off your list, which can jump-start your motivation and give you the drive to keep going. 

    Also, consider breaking your big projects down into smaller projects. This helps make them more approachable. For example, instead of writing down "paint all rooms," you could write down, separately, "paint the bedroom," "paint the kitchen," and "paint the bathroom."

  • Consider ROI
    ROI stands for "return on investment." This is something that real estate agents think about a lot when talking about home improvements with clients. 

    If you are considering moving any time soon, you want to tackle the projects with the largest ROI first. This will help you earn more when you sell your home. For instance, replacing leaky windows generally comes with a great ROI, whereas adding shelves to the laundry room may not.

  • Do What Fits Your Budget
    There may be some projects you would love to tackle but can't afford to right now. There are likely other improvements that are in your budget.

    Rather than continuing to put off projects until you've saved more money, do what you can afford to do right now. Then, as your income increases or your financial situation otherwise changes, you can move on to more expensive projects.

  • Ask What Makes the Most Impact
    Another way to prioritize your home improvement projects is to ask yourself which ones have the most overall impact on your life.

    If you cook every day and your old kitchen is really bothering you, for example, renovating the kitchen may be a priority task. If the paint is peeling in the spare bathroom, but you only use that room once a month, that project can probably wait.

  • Prioritize the Preventative
    If there are any home improvements that will prevent problems in the future, tackle those first. This will reduce your workload and costs overall.

    For instance, if your gutters are old and leaky, you need to replace them to prevent damage to your foundation and landscaping. This is more important than painting a bedroom.

By using one, some, or all of the strategies above, you can better prioritize your home improvement tasks. If you're thinking of moving to a new home or selling your current one. Click here to learn more about our services.

September
3

Spokane Real Estate Market Report - August 2021

View our comprehensive Spokane real estate market report for the month of August!

The information in this report is compiled from a report given by the Spokane Association of REALTORS© and to the best of our knowledge is accurate and correct.

 

Download the August Market Report PDF here.

Want more info about the current real estate market? Contact us today to speak to an agent. 

 

September
3

Coeur d'Alene Real Estate Market Report - August 2021

View our comprehensive Coeur d'Alene real estate market report for the month of August!

The information in this report is compiled from a report given by the Spokane Association of REALTORS© and to the best of our knowledge is accurate and correct.

 

Download the August Market Report PDF here.

Want more info about the current real estate market? Contact us today to speak to an agent. 

 

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 01/29/2023. The listing information on this page last changed on 01/29/2023. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of Coeur dAlene MLS (last updated Sun 01/29/2023 10:16:22 AM EST) or Spokane MLS (last updated Sun 01/29/2023 10:20:44 AM EST). Real estate listings held by brokerage firms other than Coldwell Banker Tomlinson may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved. --



Privacy Policy / DMCA Notice / ADA Accessibility

Login to My Homefinder

Login to My Homefinder