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How to Bridge the Buying and Selling Gap

If you’re a homeowner who is looking to make an upgrade, you’ve probably been thinking about how you are going to sell your old home and what the transition period might look like. Let’s take a look at a few quick tips for managing the gap between buying a new home in La Jolla and selling the one that you’re currently living in.

How to Bridge the Buying and Selling Gap

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Sit Down and Devise a Plan

It’s best to start with a quick assessment of your current situation, including your finances. Think about what the picture looks like if you buy a new home and your old one doesn’t sell right away. Are you managing two mortgages? If so, you’ll need to have your finances in order to ensure that no payments get missed. Are you going to be upgrading the old home while trying to move in to the new one? This can be taxing, so you’ll want to manage your time effectively to ensure it all gets done.

Ask Your Potential Buyers What They’re Thinking

One question that you should always ask any buyer that seems serious is “what are your plans?” Without digging too deeply, try to determine how quickly they want to make a move and what their expected timeframe for closing on their new home looks like. If your home has a lot of interest, time-wasting buyers should be weeded out in favor of those who want to move quickly.

Vacation Rentals Provide Big Income

There is never a shortage of tourists visiting La Jolla and the greater San Diego area, so if your transition is going to take a few weeks or a couple of months, you should consider renting your old home as a vacation property. Vacation properties can generate hundreds of dollars a night in revenue if properly managed and marketed through one of the major short-stay websites. Note that it can be a bit of a pain to manage, so be sure to do your research first.

Consider Sweetening the Deal

If you find that you have a buyer that is close to committing but they seem to be continually waffling or delaying the closing process, consider tossing in something irresistible that will help them put pen to paper. For example, if the buyer has expressed how much they like your furniture a few times while viewing the home, see if they would be willing to close quickly if you included the furnishings as part of the sale. Or, you could try to entice them with a nice gift, such as a cruise or some other getaway. If the buyer loves to golf, consider picking them up a membership at the local course. Sweetening the deal a bit can be an excellent way to incentivize the buyer to get things moving.

When you’re ready to buy or sell a home here in La Jolla, the team here at Berkshire Hathaway HomeServices California Properties is ready to help. Contact us today at (858) 405-4004 or if you prefer email, you can click here for our quick contact form. We look forward to showing you why La Jolla is one of the best places to live in the entire country. See you soon!

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