Sell Your Home Before You Buy: An Unlikely Strategy

The buyer activity in the Greater Lansing real estate market is head-spinning. Right now there are many buyers and an historically low inventory of properties for sale. This shortage of good marketable listings has created a situation in which listings are selling very quickly and multiple offers are common. As a result, if you’re a buyer looking to invoke the contingency of “sell before you buy”, than you might want to reconsider.

Today, sellers who have decided to move up or downsize are finding that not only is there a limited selection of properties for sale, but they also are discovering that an offer contingent on the sale of a property is not likely to get any consideration at all. As hard as it is to say, an offer contingent on a sale is not a real offer in most sellers’ minds. Rather, it results in wasted time and frustration for both the buyer and the agent.

So what does this mean for you?

If you are a home buyer and you already own a property, you really need to sell before you consider putting in an offer on another home. We know that this can be a scary situation and require a big leap of faith. Scary yes, but also a market reality. However, there are ways to mitigate the issue with extended occupancy or temporary housing, but we realize that the pressure is still there.

If you've found yourself in this situation, the best thing you can do is seek counsel of an experienced, local Realtor. Together you can put a plan that will meet your needs, but it’s also important to be aware of the challenges this market is presenting.