No arguments, the market is shifting, and it feels like a driver lightly tapping the brakes on a car!    We are seeing more inventory (actually more than we have in the last 1.5 years) and more price reductions in the last few weeks.   Ever since the interest rates increased end of March, we have seen a bit of a shift.

 

Homes are not selling in the same time frame they were, you can actually take a breath before they go pending now.   Sometimes they are even on the market for longer than a weekend!   We are seeing around 30% price reductions in the last couple of weeks.    If a home is very desirable, ready to move in, great location, or just priced right - you could very well see multiple offers.

 

It is better to list a home at Fair Market value, than "chase the market" back down when you have no showings, and worse - no offers!   

 

The answer to the question is, it depends!    If your home is not on the market, but is ready to list quickly, and there are no offers in on a home, the Seller may accept, but still a gamble for the Seller.   No one knows when you can close.     The best scenario is to list a home, and then write on a property, but if there are other offers that are non-contingent, this may still not be accepted.

 

Depending on your individual situation, there are other options.    Can you apply for a HELOC loan on your current home, for the downpayment for the new home?   Can you qualify for both homes for a couple months?   there are 80-10-10 loans for this purpose also.     I have a few lenders that can discuss these programs in detail better than I can.   (not a lender)

 

Maybe this Fall a contingent offer may look better to a Seller, it will depend on how the market goes from here!