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Re: Advice! If you wanted to be IN a new house by next summer
If you have a house to sell - I would research (or consult with a real estate agent to get info about) the average days on the market for homes in your area. Nationally, I know there is still over 6 months of inventory on the market (meaning it would take more than 6 months for available homes on the market to run out, assuming no new homes were listed). But do you live in an area where homes are selling in 30 days, or where the average DOM is like 180 days? Makes a huge difference. Also, it depends on the "trends" in your area. For awhile, I was seeing a high demand for split level homes in the areas where I work, so the ones that came on the market were getting snapped up quickly. Certain properties, such as co-ops, tend to have a narrower buyer pool and can take longer to sell. So it's hard to make a one-size fits all generalization.
Also, consider your pricing strategy? If you plan to price your home in line with market value, then it will sell more quickly. But sometimes people don't have much (or any) equity in their home and need to try to get a higher price than the market really dictates, which means you'll have a harder time selling quickly. But I am seeing homes that are priced in line with market value selling within the first 30 days on the market.
It's usually standard to close within 60-90 days of going to contract, but of course, you can always try to negotiate an extended closing date.
As far as putting offers on your next home, unless you don't NEED to sell in order to buy, you really can't make an offer until your current home is under contract. Sellers (and listing agents) don't like sales that are contingent on the buyer's existing home selling, but you can often get around that if your home is under contract (esp. if you can show that the buyer for your home has a mortgage commitment). But before you get to that point, I think it would be worthwhile to look casually (online, open houses, etc.) to research areas you are interested in and educate yourself on the market in those areas.
Honestly, most of my customers that have to sell something before they buy usually wind up having to stay with family or do a short-term rental to bridge the gap. Not always, but often, because it's hard to make the timing line up exactly right.
If you are in the area, please let me know if I can help you with any of your real estate needs, or just answer questions for you!
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