Strategies to Right-Size with Success

My five-week series, How to “Right-Size” Your Home and Life, will help you determine when it’s time to “right-size” your home and move on to one that will better match the life you’re living now or the one you want to live. Your home should reflect your needs, wants, and budget – and maybe those have changed since you last bought your current home. Even a home you have loved!

Whether it’s moving up to larger home or moving to a smaller one, moving to the countryside or moving back into the city, you’ll learn about the steps you can take for this next “right-sized” purchase, and also see how to buy and sell at the same time with maximum profits and minimal stress.

It’s the last week of my series and today’s topic brings it all together. Let’s focus on implementing must-do strategies to make your right-sized move a success!

Whether you decide to sell first or buy first, it’s important to understand how today’s real estate market works and have a grasp on both buying and selling in the current market. This is not the time to make assumptions or gloss over details.

You must set yourself up for success – and together we can make that happen.

Nothing will be overlooked when we work together, from preparing your current home for potential buyers to understanding contingency clauses when you get to the offer stage. The entire process can be straightforward (and sometimes predictable) when you know the right steps to take and when.

This is why it’s best to meet up as early as possible, even if you’re in the “thinking about moving one day next year” stage. We can plan your strategy well in advance so you will be ready from day one.

Last week, we went over the pros and cons of buying first or selling first, and how you can align it all with the time frame you choose. You can review, How to Right-Size When Buying and Selling at the Same Time, since some steps need to be tweaked depending on your choice.

Let’s dig in and see how these strategies can help you find success at the end of your right-sizing journey – a new home you love and a profitable sale of your current home, altogether suits your current lifestyle!

Be Prepared and Strategic

You want to put yourself in the best possible position and that requires pre-planning. That’s why the earlier we meet, the better you’ll position yourself and not feel rushed or stressed throughout the process. We’ll have time to map out a plan for what needs to happen when based on when you want to be in your new right-sized home.

My goal is to make you a well-prepared buyer AND seller so that you know how to successfully navigate buying and selling at the same time. Below is a great overview of these strategies to give you an idea of what to expect. When we meet to discuss your situation, I’ll go into more detail for each.

• Get your home ready to sell. You want your home ready! Tackle some home improvement projects so your home looks welcoming to prospective buyers. Get this done beforehand even if you plan to buy first so you can move quickly to list your current home once you do find the next perfect home. Preparing your home could take longer than you expect, so it’s always good to start early and pace yourself. For those going smaller when they right-size to a new home, I can help you with some downsizing strategies for getting rid of stuff. You’ll have access to my list of preferred vendors who can help with this process at a reasonable price. 
• Keep an eye out on your current home’s competition. Together we can take a look at homes you’ll be competing with in your neighborhood to determine market conditions in order to set a competitive price. It’s important to look at the most recent sales and final prices of homes most comparable to yours. It’s important to price it right from the beginning so that it doesn’t sit on the market with potential buyers wondering if there’s something wrong with it. This is especially important when you are buying and selling because you want time on your side.
• Time the market to work for you. There are better times to both buy and sell in your market. I can explain what those natural fluctuations are so you can be prepared for what the market may bring you in the form of offers on your current home and for inventory of homes you are looking to view. We will, of course, plan for your preferred time frame, and that’s why the earlier we meet the better we can strategize and get your home ready to list and for you to be ready to make a confident offer on a new home.
• Get the financing figured out. If you plan to finance your next purchase, we MUST figure out the financing piece FIRST no matter what. There are so many great loan programs available for people who want to move to a new home but also have a home to sell. We’ll see which of these programs you qualify for and, most importantly, provide the best terms for you. You’ll know exactly how the financing piece of buying and selling at the same time will work for you. This step is one of the most important pieces to figure out early on. Not every lender offers these types of loan programs, but I can recommend reliable lenders who do provide this service.
• Be an efficient and smart shopper. We’ll be very strategic when considering current listings on the market since you are both buying and selling and focused on a certain time frame. We don’t want to waste time especially if you’re selling your current home first. I will help you narrow down homes that are within your budget and your criteria, and will not distract you with homes that aren’t a good fit. Remember we’re right-sizing your home and your life, so we want to make sure we get this RIGHT!
• Understand contingency clauses. Together we can go over the pros and cons of contingency clauses and how they work in the current market. You need to know what to expect when it comes to contingencies from both the buyer’s and seller’s perspective. I’ll let you know what’s common and what’s a no go in today’s market. You can agree to sell your current home contingent on purchasing your new one and/or agree to buy your new home contingent on selling your current home. Be aware though, most sellers and buyers prefer contingent-free offers and will be more or less negotiable on price with few contingencies.

You’re Not Alone

Moving to your next home can turn into a logistical nightmare if not managed correctly since you’re dealing with lenders, appraisers, home inspectors, movers – and for some clients, there are contractors, storage places, and junk removers. Whew!!

You’ve got these two major transactions to coordinate in a short period. That’s why I’m here to help you as a trusted resource that can take you from step one all the way to your successful move. You won’t be on your own at all or feel overwhelmed with me by your side!

With my guidance and expertise, it will be much easier and less stressful knowing what needs to be done, who needs to do what by when, and who can help you get it done — with plenty of time to complete it all successfully.

If you or someone you know are thinking of right-sizing within a year or even later, I can’t emphasize the importance of scheduling a time to talk well before you start looking at homes and going to open houses.

Let’s create a plan together so that we can price your current home to get you the most money possible, and we can get you exactly what you want for your new right-sized home. Simply contact me at hello@yuelehmanrealestate.com and we’ll set up a time to talk.

I hope you have enjoyed my 5-week series, How to “Right-Size” Your Home and Life, and that you have found it a helpful resource. You know how to reach me if you have questions on any topics covered, and forward on to others who may find it helpful and are ready to right-size!