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Should You Buy a New Home Before Selling Your Current One?



Welcome back to “The Duo Talks”, the monthly series where my wife Angela and I take questions about what’s going on in the real estate market from radio show listeners. We aim to give them the best advice possible to make informed decisions about real estate.

The question of the week to answer is: Why should you sell your house if you’re worried about finding another one to buy?

This is a fear a lot of people have. The most recent statistics from the Tampa Association of Realtors show that we only have 2.4 months of inventory, which is a record low over a decade span. Today, we have some practical advice about how to get the best for yourself out of this real estate market.

In a competitive market like this, it may be a better decision to buy a home before you sell. There are consequences that you might want to keep in mind, however. One is that you might, for a short period, have to make two mortgage payments.

But there is the convenience factor of not having the hassle of dealing with the home on the market. Additionally, buying first can allow you to search for and buy the right house without being pressured for time. If you have the ability to buy first in this market, it’s something I’d consider.


In a competitive market like this, it may be a better decision to buy a home before you sell.


You might worry about the ramifications of having to pay two mortgages at once. On the alternate side of that worry, however, is that if you rush to buy a house, you might pay too much or just buy a house that is wrong for you. The competitiveness of the market can cause people to skew their judgment.

Some people really just feel more comfortable about selling their home before buying, and there are ways you can do that, too.

First and foremost, hire us. We can do a guaranteed sale where the home is sold in 29 days, or we’ll buy it. We can also give you an immediate cash offer for your home. In this situation, it doesn’t necessarily mean that you’re going to get top dollar, but you will have the convenience.

Another option would be to sell your home and move to a temporary location until you can find a new home to purchase. You may not like that idea, but is it worse than buying the wrong home and having to live there long-term? Maybe three months in an apartment is a decent trade-off.

Just make sure that you take your time and buy the right house. Don’t get caught up in the emotion and pressure of the existing real estate market. A competitive market like this one makes it hard for sellers to accept offers from buyers who say that they need to sell their home before they can close on the seller’s.

Opportunities like that are few and far between. If you do manage it, you probably will end up overpaying and you won’t get great terms.

If you have questions about this or other real estate topics, feel free to give us a call or visit www.theduncanduo.com. We’d love to give you the right advice for your specific situation.

Join Us on March 11 for Our Client Appreciation Party



You are invited to our Annual Client Appreciation Party on March 11 at 1 p.m. at Amalie Arena.

We are inviting all of the people that have blessed us with their business, bought or sold a home with us, or endorsed our business. You can get tickets to the event here and ask us any questions you might have about the event, such as how many people you can bring.

We have this party every year but this year, it will be a party like no other. We will have at least one Lightning player there to sign autographs and meet and greet the fans. There will also be thousands of dollars available in prizes and free food.

We pride ourselves on giving back to the community. Metropolitan Ministries is our preferred charity for this event. We ask you to please bring a few unused baby items and Metropolitan Ministries will be there to collect your donations.


This year’s party will be like no other.


We’ve always been involved with Metropolitan Ministries and we think they do a really great job. We appreciate all of your business and support, and we just want to pay it forward.

This is a free event, but it’s for past clients, partners, customers, and friends only. The event is not open to the public at this point, so please get your free tickets here.

In the meantime, if you have any questions, just give us a call or send us an email. We would be happy to help you, and we look forward to seeing you on March 11!

Sarasota & Bradenton Year End Real Estate Stats 2017 Home Sales & Values Statistics

 

There are many Tampa Bay area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.
 
Andrew Duncan, #1 RE/MAX Agent in Florida discusses with his guests, Robert Johnson from his team and Richard Vasquez of Artisan Insurance, the 2017 year end real estate stats for home sales and values and what to expect in 2018 for Sarasota, Bradenton, and Manatee.  He discusses the drop in distressed sales and the overall improvement in median prices as well as overall sales.

In Sarasota, the average sales price is $414,000 compared to $327k last year. There is 4.1 months of inventory vs 4.3 last year. Single family home sales in Manatee county is up from 420 sales last year to 460 this year. More are being paid in cash. The average sales price in Manatee county is $362k compared to $338k last year and 4.2-4.3 months of inventory.










There were more sales of condo and townhouses in Sarasota compared to sales in 2016. 325 homes were sold in 2017 compared to 258 the previous year. The average sales price was $493k compared to $322k the year before.


Rarely do you see the average sales price of a single family home be lower than the average sales price of the condo. This is because there has been a lot of development in the Sarasota county which are mostly waterfront and high end. It is also that time of the year where the wealthy Northeners or snowbirds are in town.

In Manatee county, the average sales price of townhomes and condos is $222k. There were 186 closed sales compared to 160 in 2016 and 4.2-4.3 months of inventory.

In the Sarasota and Manatee counties, we see more new construction sales. More new developments have been built and more smart home technology emerging.


To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sunday at 10 am.