How can we help move-up buyers in today’s market? Here are a few solutions.
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The question that we’ve been hearing the most lately in our market is, “How do I make a move up in a low-inventory market like this?”
Most people would prefer to buy a home before selling, but most people can’t afford two mortgages at once. That puts the seller in a position where they need to sell first, but they aren’t comfortable selling with what’s out there for them to buy.
Our friend Shane Valente of Kal Financial is here today to talk about two major things that he can help you accomplish if you have a similar dilemma. These scenarios will allow you to get into a home without having to sell first.
One option is using the current equity for your home as a down payment through bridge financing. This way, you won’t have to qualify for two mortgages. You’ll be able to buy your new home first, then sell.
There’s one problem solved. Now, what should homebuyers do about the lack of inventory on the market? There are currently only 700 homes on the market in Santa Clara County. This is the lowest level of inventory we’ve seen in 14 years.
We’ve been diligently working to address this problem and we’ve been building a list of off-market properties, working with builders, flippers, and other agents to fill it up. This list currently has over 300 homes on it that don’t appear on the MLS or other online searches. If you find a property that’s not on the MLS, you can avoid having to participate in a bidding war.
If you’d like to learn more about bridge financing and how it can help you, give Shane a call at (408) 320-0876. If you have any other questions for our team or want to learn more about how we can help you accomplish your real estate goals, don’t hesitate to reach out and give us a call or send us an email. We look forward to hearing from you soon.