The real estate market is as hot as ever. From California to Florida and everywhere in-between, we’ve never seen a real estate market quite like this. The shape of the market has of course caused people to think about moving and in some cases relocating to completely new states. Before doing so, here are a few tips you may want to consider.
Are You Ready to Move?
For many of us, moving is a big deal. It requires home repairs to prepare your home to sell, figuring out where you want to move to and if you have a larger family, making sure everyone is ready to move. For families with 2-3 children, expect the process to be that much more complicated.
So, really ask yourself, are you ready to move? The market might be on fire right now, but it might be best to stay put.
Are You Financially Prepared to Move?
Moving likely means you are upgrading your home. This means you’ll need to make a substantial offer for the home you want to buy and will need to plan for a variety of renovations. Things like floor repair, roofing repairs, updating the lighting in the home and painting the new house will all add up for you. You need to be sure you are financially prepared to take on these various obligations.
You Have to Sell Your Home First
In most cases, you’ll need to sell your home first. Unless you have the cash to afford the earnest money down and meet the seller’s price, you have to leverage your current home’s value in your offer. If you don’t have a real estate agent already helping you, you will want to hire one as soon as realistically possible. They can help you start to prepare your home for sell, make recommendations to increase it’s selling price, handle any showings for you, etc. A real estate agent will provide you with the best advice to improve your home and will also help you find your new home.
You Have to Make a Compelling Offer
The last year has taught the real estate industry that anything can happen. From 50% cash offers to waiving home inspections altogether, buyers have to be ready to pull out all of the stops to impress a seller. With the seller receiving so many offers for their properties, you have to think, “what can I do to make sure I stand out?” Some buyers have even written letters of intent to help persuade the seller. Of course, if you can pull up a seat to the table with a substantial cash offer, you’ll likely be considered first.
Relocation Is a Different Story
If you’ve been eyeing another state to move to, it’s a different story than selling and buying a new home in your city. You’ll need to be prepared to hire another real estate agent in whichever state you’re interested in and likely fly out to view different listings. It can be a complicated process, but with the right agent working for you, you’ll limit the frustrations and be moved sooner than you expect.
If you’ve moved in 2021 (in California or elsewhere), what was your experience like?