Denver Real Estate Blog

Should you Buy first before you Sell?

Denver homes – Buying a new home first before you have sold your current home is one way to bring change into ones life. Including stress. Trying to decided to buy or sell first is a tough one and not easy. There are Pros and Cons to each.

Buying first eliminates the anxiety of not knowing were your moving and what the price of the new home is going to be. The wild card is not knowing how long it’s going to take to sell the home your in. Market conditions which can change quite dramatically in a short period of time can affect your success.

There are two reasons homes sell…”price and exposure”. The best advice I can give you is to don’t hire a Realtor based solely on his or her fees. Thinking your going to save money by using a discount broker by trying to save 1-2% in commission fee, could be the very thing that undermines your whole process and causes your dream to vanish before your eyes. It cost money to market a home. Brokers have both personal and business expenses to live too. If they have to make a choice between making a mortgage payment, car payment, paying their office bill to keep their job or market you home in the newspaper or magazine which one do you think they will choose? Right I think you get the point. You get what you pay for.

Eight percent of people now go on-line to start their home search, (NAR). If your going to sell your home make sure the agent has a real estate website he or she can feature your home in that is ranked in the top 5 in Google, MSN and Yahoo in the organic search term results and most importantly in the same market your home is located in. For example your home is located in the Denver Colorado market. Make sure the website is ranked as I’ve described for search terms Denver Colorado Real Estate or Denver Colorado Homes. You would think Denver would be enough but there are over 7 cities named Denver located throughout the United States. If they are not ranked in the top 5, the benefit of your home being featured on their website will be virtually non-existent. Most pay per click sites are irrelevant and lack content. Here today gone from the search position tomorrow. Thats why the search engines don’t give them a high organic ranked placement. They suck!

Many people interview agents to list their home for sale but never consider interviewing them to help them look for a new home. Both endeavors are equally important. The agent that “sold you the house” may not be the best agent to “sell your house”. Having an increased knowledge and skill of a particular area does not in itself make you a “marketing genius”. Most agents either work primarily with one of the other. Only a few really get it and can do both equally well. The number of years a person has a real estate license is not the standard you should use to determine if they are qualified to work with or not but the number of transactions and sales volume. The average Realtor sells between 12-15 homes a year. The majority sell between 6-8.

Owning two homes at the same time can be expensive. Selling first relives you of that financial burden but then you have the stress of wondering were your next home will be in a time frame you need it in. If you purchase a new home from a home builder be prepared to move twice. As good as they all think they are I rarely ever see one delivered when they promise and none of them will give you a firm date it will be ready unless your less then 2 weeks away.

The true reality of it all really depends on your financial situation. Do you have enough money to put down and close on the new home, do you have enough money in savings that enables you to make two payments for an extended amount of time? Most buyers can’t qualify for the new mortgage without having the current home sold. Working with an experienced Realtor who knows how to help you manage the logistics of selling your home and buying another regardless if it’s across town to across the country is golden. Get a Realtor involved as early in the process as possible.

Resource
A Colorado Rental Property Resource for both landlords and tenants can be found at http://www.coloradorentalproperty.net . Online land lords can post detailed information regarding their rental property, including 5 color photos. The ad can be self directed by the landlord to their cell phone or property management company. This is a service provided FREE by RealEstateColorado.Net and the ad will remain on line until it is asked to be removed.

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If you would like additional information about the Denver Real Estate area in Denver Colorado as well as anywhere in Denver Metro Area contact us at 1-800-791-3990 ext 232.

Jeffery McClintock, is a real estate broker in Denver and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.

Jeffery has been a licensed Realtor since 1995. During this time he has successfully closed over 135 million dollars of residential real estate, and 40 million dollars in un-improved land amounting to 660 individual real estate transactions. His professional experience includes the Denver Colorado front range and the Second Home market in Breckenridge, Colorado located in Summit County.