That’s a question that many people are asking themselves. Many homeowners would like to sell, but they don’t know where they would go. There are not enough homes to choose from on the resale market. Building a new home is nice, but it’s 6-10 months depending on the development and the builder. Consumers see an opportunity to sell their home this selling season, but if they do, they may be homeless. So what are the options if you really do want to sell your home at the peak of the market? Before we answer that question, think about this: If you sell your home for top dollar, you may be inconvenienced for a little while. That may be moving twice, living in temporary housing, staying with a friend, waiting on a builder, or waiting for that perfect re-sale to pop up. While that sounds like a real pain in the butt, most people have a sale price of their home in their head that would make them move. Zillow calls it a “make me move” number. This is the number that if someone gave you for a purchase price of your home, you would move in a NY minute and yes, you would be inconvenienced for that amount of money. Recently I went through this exercise with a client of mine who believed that their home was worth about $400,000. He told me that if he got $450,000 or more, he would move and would be inconvenienced all day long. I told him, “Let’s give it try,” as long as he realized that it may be unknown for a while on where he is going to live next. He agreed, and we got an offer for $465,000 in one day.
Now he was homeless; so what were his options?
1) We started looking for homes and showing him homes before we even put his house on the market so he had a good idea of where he wanted to buy and what he could buy in that neighborhood for _______price.
2) We searched all the available properties listed in the MLS to see if there was a match and there wasn’t.
3) We next started to look for homes that were not on the market in that same neighborhood to see if anyone would be willing to sell. We did this through three proven methods (which we can discuss at a later date) but there was not a match.
4) Since time was running out, and our seller needed to move out, we arranged for temporary housing. This can look like a variety of options for people.
1) We have a list of one bedroom and two-bedroom units that come fully furnished or unfurnished that we can move people into.
2) We also have a list of rental homes that we can provide with leases anywhere from 6-12 months or even on a month to month basis if need be (month to month is more expensive).
3) If it’s really short term like three weeks or less, people have stayed with friends or family and as a last-ditch option, we have arranged for a corporate rate at the Marriott Residence Inn.
5) You may be asking yourself as to what the seller did with all of their stuff. Many moving companies are also storage companies. They’ll pack up the contents of your home and store it for you for, however, long you need it. Another option is to pack it in a POD. They’ll drop the POD off on your driveway, you fill it and they’ll haul it away and store it. Of course, there is the option of moving your stuff in a storage unit yourself. In some cases where we were only two or three days between closing on the house they were selling and moving into the house they were buying, the moving company allowed us to keep their stuff on the truck for a fee per night.
Finally, these folks decided that the best option was to build with a local builder. We put them under contract for what was predicted to be a 6-month build process. In this case, the seller did two moves, one into the rental home we found them and then one more into the new home when it was completed. Again it may sound like a big pain in the butt to most people but everyone has a price. Their price was $465,000, and they would be inconvenienced all day long. What’s your price?
Dan Polimino is a Broker/Owner with the Colorado Dream House Team, Keller Williams Realty DTC. Contact the Colorado Dream House Team at 720-446-6325, Follow us on Twitter, Like us on Facebook, Watch us on YouTube