Trading up to a larger home is an excellent move for individuals and families. Rhode Island is the ideal place to live and purchase property due to its beautiful landscapes and easy-to-access areas. Before upgrading your residence, it’s essential to do your research. Numerous factors can complicate the house trading process and prevent you from getting your dream home. The Nathan Clark team at Your Home Sold Guaranteed Realty discusses the top mistakes to avoid when trading up to a larger home.
1. Falling into Catch 22
As a Rhode Island homebuyer, it’s important to avoid falling into a Real Estate Catch 22 issue.
If you buy before you sell, you could own two homes. If you sell before buying, you run the risk of being homeless. Many homeowners find themselves in this situation. Seek a qualified real estate agent to remove the hassle of buying or selling a home. Not all realtors offer specialized programs with your best interest in mind. Our guaranteed home sold program ensures your home is sold quickly and at the highest price possible.
2. Failing to Get Pre-Approved
Getting pre-approved makes buying a home easier. During the pre-qualification, the lender looks at your finances (work status and income-to-expense ratio) and gives you an estimate. Like your first home buying process, it’s essential to get pre-approved before trading up to a larger home in Rhode Island. After pre-approval, you will have a better idea of what you can afford. This process will allow you to stay within your means and avoid falling into a financial hole. If you are unsure, you have all the facts before buying a new home, speak to your realtor or read more about the 6 buyer mistakes to avoid.
3. Ignoring Market Trends
The housing market fluctuates often. Understanding the trends offers the best opportunity to buy at your ideal price. If you ignore market trends, you may find homes outside your desired price range and location. Market trends to pay attention to when trading up to a larger home include:
- Number of new and existing listings
- Average asking price
- Number of days on the market
- Price changes
Ask your Rhode Island realtor for the market reports before starting the home upgrade process.
4. False Expectations
As a home buyer, it’s crucial to avoid the rose-colored glasses syndrome. Buying a home simply because you have “fallen in love” with the idea of living there delivers false expectations. Speak to your agent about if they offer house-hunting help or a buyer-matching program. These programs will match you with the best homes based on your finances and home criteria.
5. Failing to Improve or Repair Your Home
Fix any necessary repairs before trading in your old home for a new one. If you want to sell your home for the best price, think about what you want as a seller. Repairs and improvements do not have to be expensive. Investing in even the minor changes and enhancements will pay off in the long run when you are ready to sell. These changes will give you a greater advantage before putting your home on the market.
6. Not Selling First
Once you’ve already sold your home, you are in a better position to buy. There is no pressure to accept an offer below market value due to a time crunch. If the market is slow and your home is not selling as quickly as anticipated, the Nathan Clark team can help. We guarantee to sell your home or purchase it ourselves. We maximize the home selling experience for our clients so you can focus on obtaining your dream home.
Move up to Any One of Our Listings, and I’ll Buy Your Home for CASH Guaranteed
If you are buying a home with us while selling your current home, we guarantee your house will sell, or we’ll buy your home for cash. We call this our Guaranteed Sales Program, which has given thousands of homebuyers peace of mind.
This guarantee protects you from being stuck with two homes. It means that no matter what happens when the house hits the market, you are guaranteed the home will sell for our agreed guaranteed price and agreed timeframe. It’s like a risk-free insurance policy.
Give us a call 401-288-3557 to find out how to avoid getting stuck with two homes and how this guarantee will protect you.
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