What you need to know about trading up or trading down when buying or selling a home.
Hi I’m Anthony Lamacchia. I’m going to talk to you about trading up and trading down. A trade up seller and buyer are those who are selling a home that no longer suits their needs. This is typically for a growing family. A trade down seller and buyer are those who are selling and buying something smaller for any reason, like they no longer need all the space or it’s becoming financially harder to keep the larger home. Although trading up or down is very exciting for a homeowner, there are many pitfalls to be aware of. Since two sales are involved it is imperative that the process is managed properly. This is why the transactions need to be handled by experienced agents who have a full understanding of all parts of each sale. The timing of offers, home inspections, purchase and sales signings, mortgage contingencies, and closing for both sales have to be exact. One wrong date on a contract can leave someone two homes getting stuck in the middle. That is why we handle these sales with tremendous caution and oversight to protect our clients. An experienced agent will tell you point blank if you should wait to make an offer on a new home. If you accept an offer on your current home and if you are having trouble finding the right home to buy you should not feel pressure to just buy anything. There are many options like making your sale subject of finding the next home or making the buy side contingent on selling your home. Whatever your situation, be rest assured we have dealt with it before and can help you through it. Thank you for watching. We look forward to hearing from you.