Buying a Northern Idaho Home? Search all Homes for Sale
Selling a Northern Idaho Home? Check out our FREE Home Value Report

What happens if your house sells before you buy another one? Don’t worry, you have options.

In this market, selling a home before you can find the next one is happening more often. That’s because inventory levels are extremely low and the market is very active. Multiple offer situations are also on the rise. If you find yourself in this situation, you have two main options.

First, if there is enough equity in your house and you have decent credit, your lender should be able to give you a bridge loan. The bridge loan allows you to purchase a house first and then, when your house sells, you have two or three months of just interest payments. This is a good option because you don’t have to move twice.

 

If you can’t get a bridge loan, consider finding a short-term rental. This is a good option if you are buying a new construction property. Most homes take 10 to 12 months to build, and it is very easy to get a 10- or 12-month lease.

Choosing a bridge loan or short-term rental can take a lot of stress out of the process.

Remember, a qualified Realtor can help. Most good, qualified agents work with a good lender. Those lenders will tell you straight up whether you’re eligible for a bridge loan. The good news is that many people can do the bridge loan these days because home values are up and your equity is back where it should be.

If you have any other questions, give me a call or send me an email. I would be happy to help you!

Buying a Northern Idaho Home? Search all Homes for Sale
Selling a Northern Idaho Home? Check out our FREE Home Value Report

There are plenty of advantages and disadvantages to selling a home in Northern Idaho. The same could be said for renting a home too.

The average days on market in Northern Idaho depends on price. If you price competitively and it’s in the $200,000 or lower range, you should expect to sell within two weeks. If you’re in more of a high end price range, you should be sold within a month if you’re priced competitively.

Appreciation has been at about a 3-4% average over the last few years. There are some subdivisions that have seen up to 7%, however.

If you choose to sell now, you will benefit from the cash flow to go out and make another investment or use that money towards another rental property or home purchase. Another benefit of selling now is that we have seen appreciation in the California markets flatten out, which tells us we’ll likely see a similar trend in a few years.

If you choose to rent your home instead, you will have that renter’s income to cover your mortgage so you can still build that equity without putting too much of your own money into it. Also, if you’re moving out of the area and plan to come back at some point, you know that you’ll still have that home no matter what else happens.

If you have any questions for us, feel free to give us a call or send us an email. We would love to speak with you!