What Do You Do When You Can’t Find a New Home?

The worry of a home sitting on the market, enduring price decreases, or receiving low-ball offers deters many from selling in the first place. Despite the fact that a speedy sale is always a good thing, the issue comes when it occurs before you have time to choose a new place.

This is an increasingly typical occurrence in our current market due to the continuous constrained supply that began in April 2020. However, there’s a conundrum, even if inventory may rise during the spring selling season. A new house must be purchased for each one that is put on the market. So you might have to wait a little longer than expected to find a new place to call home.

Even yet, the benefits of a quick home sale outweigh the drawbacks of having to wait to locate a new place to live: less stress, getting your asking price (or even more) and being able to look at numerous offers to pick the best possible buyer. We can assist you in your Hamptons real estate listings preparations by suggesting the use of the following tactics.

Do you have a backup plan in place?

Home sale contingency clauses are included in your contract to ensure that the sale of your current property is not completed until you have found a new residence. Due to the lack of assurance that comes with such provisions, most buyers find them to be unappealing. However, it’s possible that a buyer will come along who has a more flexible moving schedule when demand is high, as it is today. (For example, a family looking to buy a home but delaying the move until the start of the next school year.) So a clause might make sense for you, and we’ll talk about it together.

An option to consider is a short-term loan

It’s a common fear for sellers to dive into their finances to cover unexpected living expenditures while waiting for the homes for sale in the Hamptons of their existing house. You can get a short-term solution by taking out a bridging loan. It can also increase your purchasing power at home, which may allow you to look at additional possibilities for purchase. However, one of the drawbacks of these loans is the higher interest rates and shorter repayment periods that they typically come with. Find out if this makes sense for your scenario by doing the arithmetic and reading the fine print.

Try to find a rental for a “vacation” or a place to stay for work

Seasonal rentals can be found no matter where you live, whether you’re near the beach, the city, the mountains, or a tiny tourist town. Despite the fact that the vacation rental industry is expected to improve in 2020, these rentals were not selling as quickly as annual rentals. As a result, there are more options available at lower prices than in the past. Look for off-peak rental deals in particular. Additionally, corporate housing may be a good alternative for those who need more flexibility to adjust to their new surroundings. If your furniture is in storage until you can afford to buy a new house, you’ll be able to enjoy your stay in a furnished vacation rental or business housing.

Consider including rental properties in your search criteria 

It’s a good idea to check out the complexes in your neighborhood to see what’s available and what they’re going for. We have house rentals in the Hamptons. As a result, some of our clients may be undecided about selling their house. When it comes to renting out their property, they could be former buyers of multiple-family homes, people who bought off-season vacation homes, or those who bought multifamily residences for their families.

Hire a broker with a network of contacts

In a market with a limited supply of new homes, having an agent who knows how to leverage their connections can be a game changer. Let me help you find a home in the area you’re looking at by using my extensive database of potential sellers. We’ll then meet with each potential seller and arrange a time for you to tour their home. You may count on us to assist you to sell your house while also helping you find a new place to live, as long as we can.

Anxiety can easily take control when it comes to selling your property. When the market is hot, it’s not uncommon for people to worry about having to sell their current home before finding a new one. We may have some simple solutions for you, but we may also have some more creative ones based on your market and the specifics of your scenario. When things go wrong, you never know what the outcome will be. Think about it: next year, you may be relaxing in a vacation rental in a delightful location, taking your time to discover the perfect place to call home.

Visit the offices of local real estate agents

There is no substitute for face-to-face communication, even in this electronic age. It’s a good idea to become familiar with the local estate agents in your area, so you’ll be alerted to new houses before they’re put on the market or advertised on property websites. All parties profit from a rapid transaction, including the seller and the Hamptons real estate agent, because you learn about homes before they’re put on the market. 

Explore the places you love most

This is a great way to get to know the locals in shops, pubs, and cafés, as well as to find out about their sales and promotions. For example, if you let them know you’re looking for a home, they may be able to provide you with useful information, such as if a seller is planning to sell or if a property is about to hit the market.

Put flyers/notes in the doorways

An excellent strategy is to look at previous residences that were put on the market and then pulled off the market since this indicates that the current occupant is open to the notion of moving. Numerous people have reported achievement when attempting this method in various other residences on the streets they prefer. However, check with the agent first, as they may have had to postpone the transfer due to sad circumstances.

Getting a mortgage offer and appointing a law firm before you begin this process is a smart idea. Just indicate that you’ve been looking for a property but haven’t found anything acceptable and that you are prepared to move as soon as you have the funds, a legal business ready to act, and how quickly you can move in your message.

Don’t forget to include your contact information, such as a phone number and e-mail. A pay-as-you-go phone would allow you to keep your old number and create a separate email address for security reasons.

Advertize for a home

Advertising a property is another method to be proactive. For example, you could place an ad in the local paper, but consider other routes, such as noticeboards in local shops and post offices and leaving messages on Facebook groups.

Dorothy Gracious

Dorothy Gracious is a professional content writer having 8+ years of experience. Presently working as a freelancer and love to write about the latest Business, technology, health, and lifestyle-related articles.