Selling & Buying in Columbus? Some things to think about

The daily reporter today had a great article about selling your home and buying your next home and the stress that goes with it.
The way I do things is like this:

• Take the sellers out and show them some homes they might like
• If they find some they like, chances are they'll find some when it's REALLY time to look
• List their home -- Assign them the task of finding their new home with my tech tools and just driving around, looking at open houses, etc.
• Put their home in contract
• Go look at homes they already are ready to see because they've been watching the market
• Put new home in contract
• Close on old home
• Close on new home

Of course, if they've fallen in love with the 'new' home, a bridge loan sure comes in handy. You should see what lenders can do with bridge loans these days too, unbelievable. I like them most for people moving into Columbus or people moving out town.

Here are some highlights from the article ----

Putting a house up for sale can be a stressful experience.
According to RealEstate.com, the endeavor is even more taxing for those who are simultaneously selling their home and buying another, prompting the home listings provider to survey 550 such homeowners about the unique challenges they face.

"Many people underestimate the emotional overload of selling one home and buying another at the same time," said Holly Slaughter, consumer experience expert for RealEstate.com."That sense of uncertainty, which is always present to some degree during a home sale or a home purchase, is basically doubled for bridging homeowners," she said.

"The only antidote is to spend some time planning for contingencies and to set your expectations realistically."

Forty-two percent of respondents said the uncertainty of knowing how quickly their home would sell was difficult or more difficult than expected.

Nearly 70 percent said they were "worried" during the selling and buying process and 67 percent said they were "hesitant."

Most people do not buy and sell houses every day, so their unfamiliarity with the process tends to get the best of them, said Chris Reese, president of the Columbus Board of Realtors."That's why they need to get in contact with a Realtor to get that series of events in place," she continued.

Sixty-two percent of those surveyed were successful dual-closers, meaning they were able to close on their existing home and move into their new home without a significant lapse in time. The remaining homeowners either had sold their homes but had not yet closed on a new one, or had closed on a new home but had not yet sold their original home.In addition, the survey revealed that 48.2 percent of all respondents agreed or strongly agreed that the dual negotiation process was taxing.

About 53 percent of those respondents were women, while 42.2 percent were men."For most bridging homeowners, success means moving seamlessly from one residence to another, since most of us don't want the hassle of living in temporary housing or the expense of paying two mortgages," Slaughter said.

Nearly half - 47.1 percent - of respondents agreed or strongly agreed that getting their home in sale-ready condition took more time and energy than expected.Once owners begin sorting through all the things they have collected over the years - the first step to getting a house in order - they can begin to feel overwhelmed about moving out, Reese said.

The majority of the bridging homeowners surveyed, 78.2 percent, had no regrets about the process. However, if they had to do it again, 9.9 percent of men vs. 8.8 percent of women, were more likely to say they would have sold their existing home before making an offer on a new home.

"For bridging homeowners, there are a lot of moving parts," Slaughter said. "But the good news is, there are some simple things they can do to smooth the process."

The full article can be found here:
CENTRAL OHIO SOURCE - The Daily Reporter, Inc.: "Bridging homeowners face unique challenges when buying and selling
Bridging homeowners face unique challenges when buying and selling MELANIE MCINTYREDaily Reporter Staff Writer05/04/2006