Written by Barry Bergner, RSIR Broker
Those with children that have either already grown up and left home or will soon be leaving the nest find that their homeownership needs change, as spending long hours keeping up a yard or living in a massive home no longer makes sense. If you are among those in this boat, the good news is that it is a fantastic time to sell a home in Seattle! The bad news is that buying a home can be challenging in our current market. If your goal is to downsize and stay in the area, there are a couple of good long- and short-term strategies to consider.
Many homeowners in the Seattle area are hesitant to sell their homes right now unless they have already found a home to buy before selling. To be sure, the Seattle housing market is the hottest in the country, with no signs of slowing down. The latest S&P/CoreLogic Case-Shiller Home Price Index marked the 18th month in a row our city has led the nation in home price increases. Because of this, homeowners feel secure in owning a home and worry that they will not be able to find another that they love in the hyper-competitive market. This has made low housing inventory a common theme in our area, driving up competition and prices for buyers. If you are worried about buying a new home in this market, you can explore creative solutions, such as a home equity line or other financing options that will allow you to purchase before you sell.
Another option is to get started on a two-year strategy. If in-city life appeals to you, purchasing a condo presale could be a good option. Developers prefer to sell future condominium homes prior to breaking ground on a project. And for an empty nester that isn’t quite ready to move, there are a few excellent benefits to taking this route!
- You are purchasing at current market prices, which will very likely save you money in this skyrocketing housing market. All that is required is a small deposit (usually 5-10%) with no additional payments due until closing. If our market continues to appreciate as it has, by the time you move you will already have significant equity in the home.
- You will be moving into a brand-new home that suits all your needs. May empty nesters appreciate the smaller size of condominiums, the convenience of location, the lack of yard maintenance, and the “lock and leave” lifestyle that is perfect for travelers.
- You will have plenty of time to get your home ready to sell, pack up, and downsize your belongings. This will result in maximizing the sale price of your home!
This feature originally appeared as a blog post on SeattlebyDesign.com.