When did you/are you placing your current house on the market??

3 years ago

We are building and trying to figure out timing for putting our house on the market. Worst case, our house will be done in July, but hoping for early June. We are thinking of putting the house on the market at the end of March and requesting 2

months of renting the house back after closing. Interest rates are great and our market is on fire so I want to take advantage of this. I also want to show the house before we start packing and have boxes everywhere. At what point in the building process did you put your house on the market? I also plan on adding a contingency That the tentative finish date is July and that if it is not ready, the rental Contract can be extended.

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remodeling1840

3 years ago

Sounds like the perfect plan unless you have a potential buyer who has his own plan. Market conditions can change overnight as they did with the covid shutdown. The buyer could lose his job and the financing fall through. His house sale could be delayed. After the contract and the home inspection, the deal can fall apart. Your contract might be hit with a family crisis or a serious material shortage which delays you for seven weeks. The CO might be delayed by a snarly building inspector. Our first house sold in a week, our second only had one below market offer, our third house had one offer which we rejected then we waited 18 months for another offer, our fourth sold in perfect timing for our new build move-in, and our fifth had a cash offer with ten day settlement-take it or leave it. I’m glad you have a plan, the old adage is, “ man plans, God laughs”. Good luck.

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Comments (14)

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Mark Bischak, Architect
3 years ago
I had a client that had everything planned out to the day. He estimated his house would sell 65 days and he had seven days to move out, worked with the builder to determined a schedule for all the little details involved in finishing the new home, contacted movers, gathered information on material delivery and installation from the interior designer, and had everything perfectly planned. His house sold in two days and screwed up everything.
vinmarks
3 years ago
We sold our house before we started building. We really had no idea how long it would take to sell. There was a house in our neighborhood that had been on the market for a year. They finally sold it not long before ours went on the market. Our house sold 2 weeks after we put it for sale. That was 4 years ago. We did not want to end up with a new house built and the old house unsold. We rented a house until our new house was built.
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Lindsy - I can't figure out how to turn on my messages. I went into my profile, but can't see anywhere to edit it. I see 'messages' as an option for me to click, but it says I have zero messages. ?? I couldn't see your message button either. We aren't using a builder. My husband is acting as the GC. Jury is still out on how wise that decision is. We live by White Rock Lake, so an older neighborhood and no HOA or subdivision rules. We can build a hot pink house made entirely out of metal and stucco if we want. :) Not our design, but we could if we wanted to! We are doing a completely custom build...designed by an architect and we are picking and buying everything ourselves. So we aren't at the mercy of the builder's choices or prices. We have a ton of equity in our current house...it's almost paid off and has over tripled in value over the last 10 years. So we refinanced it earlier last year and used the equity to buy the lot next door and still have enough to almost completely fund the build. We had to take out a small construction loan for the remainder. No plans to roll that into a permanent mortgage. Once our house sells, we should be able to pay off our current mortgage plus the construction loan. If it doesn't sell, we should be able to continue to cover the existing mortgage and the construction loan payments. We don't want to do that forever, but could if necessary. Yes, we have started building. Framing is almost done. Hoping to deck roof and do sheathing next week. Our windows are in and the supplier is waiting for our go-signal so they can deliver. Trying to move as fast as possible!
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shead
3 years ago
Well, in many areas, it's a seller's market right now so you might find someone that would agree to those terms. However, having recently built and having built/remodeled several times in the past, I can say with 100% certainty that any "deadline" at this stage is 100% meaningless. It will most likely depend on how leveraged you are as to exactly when you have to sell, but for sanity's sake, it might be easier to wait until you are moved and the house is cleared out and cleaned before listing it.
shirlpp
3 years ago
As soon as our condo was ready to be put it on the market, we did it. We were more interested in getting it sold. We were in swing space(an apartment), while the house was still being built.
functionthenlook
3 years ago
The timeline doesn't always work out the way you want it to. We put our first house on the market in March figuring by the time it was under contract and closed the school year would be over. Well it went under contract the first day and I ended up driving and picking up my daughter at school for a month. I didn't want her transferring to a new school for that short period of time.
JJ
3 years ago
Good luck with those terms.

We did our best to time it but still spent 8 weeks at the Residence Inn.
ILoveRed
3 years ago
We’ve built x3. Each time we sold our house and rented before starting our new build. Lots more fun to build without the stress of worrying about your house not selling.
gregnjen1
3 years ago
We are currently building, scheduled to close on 2/26. We put our house on the market on 1/10, had two offers in two days. We would only take an offer that would allow us to rent back and thankfully that is what the best offer was. We are renting back weekly until mid-March to allow for any delays in closing on the new house. We are in a sellers market here and there are almost no houses for sale besides new construction. I was VERY nervous about waiting to sell but our agent assured us that it would sell fast. Your agent should be able to show you how things are selling where you are to give you a better idea. Best of luck.
chispa
3 years ago
If you have the budget to carry to 2 primary houses for at least a year or more, then it doesn't matter when you sell. The markets turned crazy with covid, but in most places things came to a complete stop for a couple of months until they figured out how to show houses with disclosures and legal protection in place! You never know what worldwide events might happen ...
amodernmountainhome
3 years ago
We have 2 young kids, and new house will involve a 60 mile or so move. So we're not ready to sell until we have a firm move-in date.
aziline
3 years ago
We also sold and rented a house while we built and were in it for a year due to the land taking longer to subdivide. We were not able to carry 2 mortgages but I wouldn't have wanted to regardless.

When my SIL built they ended up moving in with my in-laws about a month before their house was to be done. That stretched into 5 months. The builder had other priorities and they were a small fish.
haylo33
Original Author
3 years ago
Thanks. We do not want to move our kiddos twice so renting isn’t an option. We plan on having the “rent back” contingent on when our house is complete with an estimated move date. Under normal circumstance, this probably wouldn’t work, but there isn’t any inventory in our area so we have the advantage. We are fine carrying 2 mortgages for a while, but in the off chance it sits on the market, we can’t do it long term.
Shola Akins
3 years ago
I plan to sell my residence only after I’m fully moved into the new one. There is no fear of not selling the current home.

When did you/are you placing your current house on the market??

remodeling1840

Comments (14)

Mark Bischak, Architect

vinmarks

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shead

shirlpp

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haylo33
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Shola Akins

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When did you/are you placing your current house on the market??

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haylo33Original Author

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haylo33
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