Navigating today’s real estate market as a buyer who needs to sell first can be challenging, but it’s entirely manageable with the right strategy and guidance from a knowledgeable Calabasas Realtor. In the current market, buyers benefit from several favorable conditions: inventory in Calabasas and Hidden Hills is up, homes are taking longer to sell, and sellers are more open to negotiating. With mortgage rates stabilizing, now is a prime time to buy and sell in these high-demand communities.
However, one of the most significant challenges is coordinating the sale of your existing home with the purchase of your new one. Here are three effective strategies for buyers who need to sell their homes before making a new purchase in Calabasas, Hidden Hills, or similar competitive markets.
1. Sell Contingent on Finding a New Home
One popular strategy for Calabasas home sellers is to list their current property with the contingency of finding a new home. By accepting an offer contingent on securing a new residence, you position yourself to make a more competitive offer when you find the perfect property. Most sellers prefer buyers whose homes are already in escrow, so listing contingent upon your purchase helps you act quickly when your ideal home becomes available. This strategy reduces the risk of missing out on your dream home while giving you the time needed to finalize the sale of your current property. Explore just-listed Calabasas homes to get an edge in your home search.
2. Consider a Bridge Loan
A bridge loan allows you to leverage the equity in your current home to finance the down payment on a new home before your current property sells. After closing on your new home, you can sell your existing one, using the proceeds to pay off the bridge loan or reduce the mortgage on your new property. This option can provide the flexibility and speed needed in today’s competitive Calabasas real estate market, eliminating the need for contingency clauses that some sellers may find unfavorable.
3. Sell and Rent Temporarily
For some Hidden Hills homeowners, selling their current home and renting for a brief period can be a smart, strategic move. This approach allows you to act quickly and make a non-contingent offer, which is often more attractive to sellers, especially in a competitive area like Calabasas. Renting temporarily can reduce pressure, giving you the time to find the ideal home in Hidden Hills without rushing the buying process. Learn more about David Watkins and how he can help you navigate this transition smoothly.
Making the Right Choice for Your Situation
With the right strategy, you can successfully buy and sell, even in a fast-paced market like Calabasas. Each approach depends on your unique circumstances, and working with an experienced Calabasas Realtor who understands local market dynamics is essential. David Watkins offers personalized guidance to help you make informed decisions, from choosing the best listing strategy to making a competitive offer on your next property.
For expert insights and the latest Calabasas real estate listings, visit DavidWatkins.com and take the first step toward finding your next home.