Real Estate: Selling a home and buying a home at the same time

By Kristin Piccone

Are you thinking of selling your home, but, afraid to do so because you need to purchase one, too???  I am here to tell you that it can be a daunting task and for this reason, you will absolutely want a competent REALTOR on your side to line up the domino effect for you!  

As a competent REALTOR, I have guided many clients through this very process.  In a perfect world, the home you want to purchase will be actively listed prior to you having to put your home on the market with so much uncertainty, right?  All the what ifs running through your head; What if my home doesn’t sell?  What if I never find a house to buy?  Well. . .what if I told you that sometimes you have to take action (for example, list your house) to get a reaction (for example to find the house you will buy).  Sounds hokey pokey, I know, but its so true!  And guess what, I even have a form that will protect you and allow you to find a home that you will love in order for the sale of your current home to close.  This form is called Seller’s Purchase/Lease of Property Addendum.  Effectively, this form becomes a part of the Purchase and Sale Agreement when you receive an offer on your home.  It is a way for all parties to acknowledge and agree that you (as a seller) have a certain and agreed to amount of time to enter into a purchase agreement for your purchase on a new home.  What if the time is getting close and I have not found a property to purchase?  Well, that’s the other part of this form that
protects you from being without a home.  This form has verbiage that allows you (the seller) to declare the Purchase and Sale agreement null and void should you have not entered into any agreements within the amount of time agreed upon.  Of course, we will work our tails off to be sure this does not happen, as the ultimate goal is to create a Win-Win for all parties; Seller wants to sell and Buyer wants to buy!!

Whether you follow the Real Estate industry or not, I think everyone knows how hot the Real Estate industry is right now.  Inventory is low; prices are high; multiple offers after multiple offers and here again, it is very important to have a competent and knowledgeable REALTOR on your side as presentation is key for getting your offer picked; especially when buying a home and selling a home at the same time!  If you have more questions or would like to call and discuss YOUR real estate needs, please always feel free to reach out.  Be well and I look forward to chatting all things Real Estate with you!

A Quick Study on the Market

The State of Maine's residential real estate market is still experiencing very low inventory

Take a look at some of these hot markets:

Gray -- Sales are down, prices are up about 23 percent

New Gloucester -- Sales are down, prices are up about 7 percent

Windham -- Sales are down, prices are up about 5 percent

Westbrook -- Sales are down and prices are up about 24 percent

Overall, Cumberland County is down approximately 5 percent in residential homes sales in a year over year comparison; prices are up about 21 percent.  Want to know about your area? Reach out to me!  I am always happy to help and listen about your home goals!

Don't understand what any of this means? Reach out to me! <

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Kristin Piccone is a REALTOR for Landing Real Estate in Windham. Reach her at 207-951-1393 or by email at kpiccone@landinghomesmaine.com