It sounds like a dream come true: you list your Nashville home for sale and receive multiple offers in a single day! Perhaps you even sell your Nashville home for more than the asking price. The Nashville real estate market is full of these too-good-to-be-true stories.
However, what happens when you don’t have another house to move into already? Here are our tips on selling your house before buying a new one and some options you have:
Do some research before listing
Understanding the market before listing your Nashville home is important. If your house is in a wildly popular Nashville neighborhood with a reputation for fast sales, chances are good your home will sell quickly. So, you might want to be prepared prior to listing it.
Ask the buyer for time
Generally, a home closing involving a loan is set for 30 days out. If a buyer is paying cash, a closing can be set for even sooner. However, sellers can negotiate for a later closing date to give themselves more time to find a new home.
Agree to lease the home
Another potential option for sellers is to lease or rent the home from the new owner (the buyer). All terms of the arrangement can be determined by both parties in a contract. This happens sometimes if the seller has a home closing fall through at the last minute and the buyer has flexibility as well.
Of course, renting for a short period of time while looking to buy your next Nashville home is always an option. The upside for this is that by having the cash from the sale of your home already available, it puts you in a better position as a buyer. The downside is that if the real estate market remains a seller’s market, home prices may just continue to climb. So, the longer you wait to buy your next home, the more you may pay for it.
Selling your house can feel overwhelming. Selling your house before buying a new one can feel downright stressful. Work with an experienced REALTOR to help you set realistic expectations and timelines to ease that stress. A good REALTOR has the skills, education, and knowledge to help guide you through the entire process of selling your house.
Thinking about selling your house in Nashville this year? Contact one of our top-notch REALTORS to help you with that process at DeSelms Real Estate, 615.550.5565!