Buying new construction home -- looking like an end-of-October completion date, although builder won't solidify for at least 3 more weeks.
Do not want to close on new home without selling existing home, even though I can. Existing home is in a "hot" market, albeit a suburb that moves a little slower. However, it is at a price point that moves within 2 weeks of listing, at least this summer. 105% of asking price, typically.
I do not want a double move. (Lots of wants here, I know) So I want to time this all as close as possible.
When should I put the existing home on the market? What kind of language can I put in the listing to indicate that I don't want to be homeless and would like a few days of overlap between selling existing home and turning it over to the new buyer?
Yes, I have a realtor. Yes, I trust him. Sort of. But I'm the analytical type that likes to gather as much information as possible so would be really interested to hear outside opinions here.
How long do closings typically take in your state? I'd factor that in with a least a 3 week listing period (to be on the safe side). So maybe list mid to late September? Plus that gives you time to hear from your builder.
I wouldn't really trust the end of October date, I would expect them to go over. I also know how hot the market is here and it could sell immediately. Hmmmm. I would probably list at the beginning of October and at that point you should know if the house is going to be late or not and then in any contract you can ask for a mid-Nov (or whenever) closing date.
I would put it on the market when the builder gives you a firm date. If it sells before you are ready to move, you add a contingency clause in the sales contract for your home stating the move date will be pending the completion of your new home. If it is a hot market, I am sure your REA deals with this all the time.
I think a 30 day closing is common. I would give it 3 weeks to be on the market, so I'd say the beginning of September. Either way, I would wait until you get a firm completion date from the builder. You may also want to think about asking to "rent" it back from the buyer for a few weeks if necessary.
I wouldn't really trust the end of October date, I would expect them to go over. I also know how hot the market is here and it could sell immediately. Hmmmm. I would probably list at the beginning of October and at that point you should know if the house is going to be late or not and then in any contract you can ask for a mid-Nov (or whenever) closing date.
I'm just worried that things will die down if I wait until October, you know?
We're getting electrical and low voltage over the next two weeks, and then we'll be ready for drywall. At drywall, they are 60-80 days out from a closing date. It used to be 60 days on the dot, but it's taking a little longer since they are having so much trouble getting the subs.....
I would decide what's more important to you -- no overlap or double move. We were given a closing date of early August (maybe the 5th?). We ended up closing Sept 11th because we HAD to be out of our old place. They were at our new place every day for 3 weeks finishing, it was awful. I would wait at least a month to list.
I'd be a little worried about the market too. BUT because a big reason the market is so hot is the "green rush" I'm not sure it follows the typical slow downs with the seasons. You could put it on the market earlier and ask for a really long closing period or ask to rent it back from the buyers.
If you would prefer to close on your sale first, but you don't want a double move, then I would try to negotiate a rent back from your buyer. If your property is in a hot market, this should be pretty easy to negotiate. In my market, 30-60 days is standard for a closing. If you are pretty confident your property will sell fast, I would put it on the market about 60 days before your new house is expected to be complete. Then negotiate a rent back for a couple of weeks past the expected close date in case the new house is delayed a bit.
Well, definitely not before you have a firm date. Once you get an offer, you can negotiate the closing date. However, even in a seller's market, you might have to concede on some other item in order to either do a rent back or push closing out to your preferred date. I'd also be up front with your realtor that if closing on the new home doesn't go as planned, you might HAVE to do a rent back, even if you schedule the closing for after you're supposed to close on your new house.
However, there are many people who do 2 closings in one day - moving truck packed, close on old house in the morning, close on new house in the afternoon with the check in hand from the last house. It sucks and it's stressful, but it's not uncommon.
I would say before Labor Day for listing, but not until you at least get that firm date.