Leasing your home when you move out is another one of your options. These are the kinds of things I would like to sit down and discuss with you. I can give you the pros and cons of being a Landlord. It sounds like it would be your first time. The market for nice rental properties in NRH is very good. If it is in top condition, you can charge a premium rent. (Especially if you engage me to advertise the property BEFORE you are ready to move out!) We can discuss all the things you have to be prepared for.
In order to be approved for the loan to purchase a new house, you will have to qualify with the extra payment from your current house. Since you will be a rookie landlord, the bank will not give you full credit for the "income" from the rent payments. We should sit down and talk about the qualifying ratio before you do anything. I want you to be prepared for what the lender will say in advance so there are NO surprises. Since I know how I hate surprises, I make every effort to insure that my clients do not get any surprises.
The time for a conference with a professional is NOW. Please do not wait to contact me at the last minute. Let's go into this project prepared for all your options.
Email me at firstname.lastname@example.org Call me at 817-576-3867
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The Michael Group
Since your question was posted in April, we shall hope you have it SOLD by now!
But you, like most sellers, have asked two different questions, and a third one lies hidden in your frustration.
First: How soon can I expect showings after placing my house on the market? There is no set answer; however, if the house is priced right for the neighborhood, showings should start right away, because there are always buyers (and Buyer's Agents) out there looking for new listings to inspect. So --- if the house is NOT being shown, it's either not in MLS, or the price is too high. Do not price your home for what you think you need to get out of it! Price it for what it is worth in today's market in your subdivision.
Second: How fast should my house sell? The average is around 90 days. But that is a statistic. So obviously some houses take longer and some sell rather quickly. I just took a new listing and sold it in 3 weeks, when a previous agent had had it listed for 3 months. The difference: clever marketing!
The speed at which a house sells is dependent on the price, the conditioon, and the location. You can't change the location, and there is only so much you can do to the condition. But YOU do control the asking price!
Third: You may be asking "Why hasn't my Agent given me all the information about what is happening in my neighborhood?" A good Realtor will give you a list of all the houses which have sold in your area recently. And also a list of all the ones "for sale" right now. In other words, your competition. Go look at them. See what your competition is, and then beat the competition if you want to sell your house before they sell theirs! Buyers will look at everything in their price range. So you have to appeal to the buyers who are looking for a good deal in your neighborhood. Of course, it helps to have the cleanest house on the block, because people like to think they are going to live in a clean house. (Even if they live as slobs now, they want to buy a clean house!)
So don't blame your Realtor if your house did not sell. Ask yourself "What can I do to make my house more attractive to the average buyer?" ...Once you get realistic about what your house will sell for, you will get a contract on it. Then it is time to start packing!
Footnote: If I didn't answer your question, please call me at 817-576-3867. I don't charge for my answers and advice.
The Michael Group
...selling North Richland Hills for over 31 years....
I understand how you feel. Although I may be reading between the lines, it sounds like your indicated course of action might set you up for a big shock. What would you do if your newly built house were finished, and you had not yet sold your current home? Can you afford TWO house payments? --Most of us can't.
Life gets complicated when you try to "build" a new house and still live in your old house up until the day you want to move. It would be wise to plan ahead. Far, far ahead. So, if you're not married to your Realtor, call me and we'll talk about a strategy that you might employ.
There is more than one way to skin the cat, and I've been skinning Real Estate Cats for over 30 years!
Best wishes to you,
The Michael Group
Price aggressively, make it the best condition in the city, and let people in.
Get great marketing behind you.
Keller Williams Realty
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors