Episode 160: If I Sell My Home, Where Will I Go?

If I Sell My Home, Where Will I Go?

If I Sell My Home, Where Will I Go?  That is the question on the mind of many people and in Episode 160 of the Wandering But Not Lost Podcast, co-hosts, Jan O’Brien & Matt Emerson talk about the market and the draught-level low inventory that has been driving everyone a bit crazy,  How long will this last?  Let's dive in...

Options for Sellers in an Epic Low Inventory Market 

Current Market Conditions - What’s Driving This Train?

Sellers is hesitant to sell….

Epic Low Inventory - where will I go if I sell now?

COVID-19 concerns, vaccine rollout

Recovery of the Economy & Unemployment 

Mortgage Forbearance extended through June

Tenant Eviction Moratorium extended through June

While...Buyer Demand is still HIGH with Interests Rates still LOW

Increase in work from home - hybrid scenarios

Health crisis has us all reevaluating what we really want and need in a home or where we want to live (lifestyle, affordability, near family)

The desire for more affordable housing - better tax climate - weather

Cities to suburbs trend

Benefits to Seller in this historic Seller’s market

Sellers are in control and can take advantage of high prices right now

• 2020 average appreciation in the US was 10% (normal appreciation is 3-5%)

• You only know when the top of the market hits AFTER prices flatten out or decline due to inventory increasing and other factors

Bidding wars with buyers willing to pay over list price and pay cash over appraised value

Negotiating favorable terms like leaseback, buyers covering sellers closing costs, no repair costs, etc.

OPTIONS FOR SELLERS to Consider

Sell now while the market is hot for sellers and RENT until the market adjusts

Sell now and shop resales - be competitive to win the offer

Buy New Construction

• Sell to iBuyer - Investor and negotiate longer leaseback

• Open Door offering up to 9 months for the close date to avoid double moves

Mortgage Forbearance Extended 

https://www.cnbc.com/2021/02/16/eviction-and-forbearance-protections-extended-for-homeowners.html

Federal Eviction Protection

https://www.nolo.com/evictions-ban 

CFPB proposes foreclosure ban until 2022

https://www.housingwire.com/articles/cfpb-proposes-foreclosure-ban-until-2022/ 

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