Episode 5 | Selling your current home and buying another
Hi everybody. Tom Pietsch with Tom and Cindy and Associates with Long and Foster and I’m here with my associate Jim Patrick. And we’re here today to tackle the subject, how do we handle it when one of our clients wants to sell their home and then buy another property.
VIDEO
Do you actually need to sell your home in order to buy the next one?
This area historically has been a great place to invest in. Prices go up over time. Great economy. So if you are actually able to keep your home as a rental, that’s obviously a fantastic choice as well. So figuring that out, maybe talking to a lender, and seeing if you actually need to sell in order to buy is a great first place to start.One of the things that we want people to always be comfortable with is price.
So it’s always, if you’re gonna sell and buy you want know what’s your comfort price-wise. We don’t want to go out and show you a home at $600,000 if you end up buying at $550,000 because obviously most people are going to like a correctly priced house at $600,000 more then want one at $550,000. To us, that’s the that’s a key factor in getting ready to sell and then there’s getting your home ready for sale.
Something that we can help with, is getting the home ready and doing a walk through to let you know what work to do, and offer some staging advice.
Start looking at some neighborhoods and see what’s available in the market.
Even if you’re not buying for a few months, there will be similar homes, similar sizes in those neighborhoods, condition, things like that. So make sure that with your next home you’re going be able to find what you want. It might not make sense to move if you’re not able to get something that will work for you and your family. You want to be really looking forward to that next move and so getting out there and seeing what is out there is key. The house that you see is probably not the one you’re going end up with because you’re gonna have to get your house on the market. And so you’re not quite ready to make an offer on that home but it’s great to be able to say, gee we know three different neighborhoods that we would be thrilled if we could buy in and so when the time is right and every week in our area new things come on the market. And so there’s a whole new crop of things to look at. So that leads us into the discussion of home of choice contingencies and also what we call coinciding settlements. Home of choice contingency
Since we’ve been a sellers market for a while now, usually this is the option that makes sense if you do need to sell in order to buy that next home.
What that is is you’re putting your home on the market and hopefully getting a quick offer from a buyer that you like, and then negotiating this home of choice contingency. That is saying, you don’t need to sell, you have x number of days to find your next home, get that under contract, or you’re not obligated to sell your current home. So basically you’re not going to be out on the street without having somewhere to go. If a buyer loves your home most of them will at least give you two weeks to 30 days to find a new home and hopefully have the flexibility to work with you and give you the time you need. And by that time, you know, nothing’s happening in a vacuum. You’re still continuing to look even when your house is on the market. So that you’re ready to jump.
Coinciding settlements
What this means that we’re protecting you on both ends. We’re protecting you if you don’t find a home that you absolutely love for your next property. You don’t have to sell the one that you’re in. And once you do get your home under contract and you find that next home that you wanna put an offer on, that offer, you’re not obligated to buy that house unless the home that you currently own that contract that you have successfully goes through the settlement.
Final thoughts
So once you’ve done all the previous steps we’ve talked about, figuring out your price point, getting your home ready, doing some discoveries far as neighborhoods then it’s time to get your home on the market and really put yourself out there. Start to make that move happen. Taking the first step as far as getting that going. And a lot of times people are worried about this timing. Well even when you get an offer on your home that you’re happy with and that you accept, the buyer is typically gonna need what 30 to 45 day on average to get their financing in place and go through the settlement. So that’s going to give you time to get your financing in place and everything for the new move.
On a future video we can talk doing rent backs and how that can give you time so you’re only making one move which is always our goal. So whether you’re moving up because you just had another kid and you are in a one bedroom condo or whether it’s time to downsize and get something smaller, if you need to sell and buy, just give us a call, we would love to help you out and make that a smooth process. Thanks for now. See you next time.
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Column 1
New This Week | January 15, 2021
Renovation Loans are Back! | #tomandcindyhomes show episode 107
New This Week | January 8, 2021
Today’s Virtual Staging | #tomandcindyhomes show episode 106
Here’s to 2021! | #tomandcindyhomes show episode 105
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Toys for Tots 2020 | #tomandcindyhomes show episode 103
December Market Update | #tomandcindyhomes show episode 102
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Our 100th Episode!
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Episode 97 Scoring Your First Home!
New This Week | October 29, 2020
Episode 96 | Renovations Revealed – Ready to Rock!
New This Week | October 23, 2020
Episode 95 | Considering Property Management?
Episode 94 | Patio Dining Vol. 2
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New This Week | October 8, 2020
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Episode 92 | End of September Market Update
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New This Week | September 17, 2020
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Episode 89 | Dressed for Success
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Episode 88 | Spotlight on Hunting Crest
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Episode 86 | Patio Dining Volume 1
New This Week | August 13, 2020
Episode 85 | Mom’s Milestone Birthday Bash!
New This Week | August 6, 2020
Episode 84 | Free 1-hour planning session
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Episode 83 | End of July Market Update
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Episode 82 | Springfield & Alexandria Project Updates
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Episode 80 | More Homes on the Way!
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Episode 74 | Memorial Day Gift for Grandma
New this week | May 21, 2020
Episode 73 | Creative Family Fun Vol. 2
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Episode 72 | Cabinet Tips for Flippers
Episode 71 | Grab & Go Lorton
New this week | April 30, 2020
Episode 70 | Almost May-Housing Update
New This Week | April 23, 2020
Episode 69 | Grab & Go Kingstowne
New This Week | April 16, 2020
Episode 68 | Creative Family Fun
Episode 67 | Bandanas, Cards and Flowers
Episode 66 | Nalls Rocks + Market Update
New this week | March 26, 2020
Episode 65 | Local Carry-out and Delivery Scene
Episode 64 | Safely Selling Homes
Episode 63 | Hip DC Dining
New this week | March 13, 2020
Episode 62 | Flipping Flub-ups
New this week | March 5, 2020
New this week | February 27, 2020
Episode 61 | Housing Market Update February 2020
New this week | February 20, 2020
Episode 60 | World’s Best Bar Band
New this week | February 13, 2020
Episode 59 | Tile Tips for Flippers
New this week | February 6, 2020
Episode 58 | DIY or DDIY?
New this week | January 31, 2020
Episode 57 | Chili for Charity 2020
New this week (January 23, 2020)
Episode 56 | It takes a team!
New this week (January 16, 2020)
Episode 55 | Remarkable Results Revealed
Episode 54 | Shabby to Chic
New this week (January 10, 2020)
Episode 53 | Happy New Year 2020
Top 10 videos of 2019
Episode 52: Holiday Fun at Tom & Cindy
Episode 51 | Last Minute Photo Tips
Episode 50 | Tony’s Tribute + Trendy Tastes
Episode 49 | Hideous Sweater, Beautiful Cause | Toys for Tots
Episode 48 | Toys for Tots 2019
Episode 47 | Should you sell your home during the holidays?
Episode 46 | Relocating? We make it easy!
Episode 45 | Adventures in Iceland Part 2 – The Ring Road
Episode 44 | Adventures in Iceland Part 1 : Reykjavik
Episode 43 | Fall 2019 Market Update
Episode 42 | Good Used Appliances
Episode 41 | Dismal to Dazzling a case study
Episode 40 | Murphy’s special swimming spot
Episode 39 | Greetings from the Greenbrier
Episode 38 | TSA Headquarters Update 2019
Episode 37 | Pay your home off early
Episode 36 | First Look – 8 Lovely Listings
Episode 35 | Saving Kids with Lemonade
Episode 34 | Brand new homes in Alexandria, VA!
Episode 33 | Update on Backpacks 4 Kids 2019
Episode 32 | Time for a price change?
Episode 31 | Avoid these top 3 seller mistakes
Episode 30 | Backpacks 4 Kids 2019
Episode 29 | These sellers did it RIGHT
Episode 28 | Mosaic Farmers Market
Episode 27 | Second City at the Kennedy Center
Episode 26 | Dine-n-Dash for Charity
Episode 25 | Simple hack to predict the market
Episode 24 | Community Spotlight on Kingstowne (Alexandria, VA 22315)
Episode 23 | Our list of pros for your project
Episode 22 | Alexandria’s #1 music venue + RTs after!
Episode 21 | Open Houses – Hot or Not?
Episode 20 | Escalations and choosing the best contract
Episode 19 | May 2019 market update
Episode 18 | Cinco spots for Cinco de Mayo
Episode 17 | Pacers and the Parkway Classic
Episode 16 | NBA legend and San Antonio fun
Episode 15 | Countdown to success – a home selling case study!
Episode 14 | The ultimate sports complex in Springfield, VA!
Episode 13 | Correctly pricing your home
Episode 12 | 3 Kingstowne area lunch faves
Episode 11 | What’s Coming Soon?
Episode 10 | NYC – Peloton, a play and pasta
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Episode 9 | Appraisals in a hot market
Episode 8 | Timing your home sale
Episode 7 | 10 tips to a winning offer
Episode 6 | 3 lunch faves in Springfield, Virginia
Episode 5 | Selling your current home and buying another
Episode 4: Chili for Charity
Episode 3: 5 tips to get your home ready for the market
Episode 2 January 2019 Market Update
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Happy New Year and new video series
Toys for Tots 2018
Update on TSA HQ in Springfield
St. James opening Sept 15
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Backpacks 4 Kids 2018
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Restaurant Spotlight: Astoria Pizza
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Headed Home Magazine: March 2018
Tony Award-Winning Avenue Q comes to Lorton
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Headed Home Magazine: February 2018
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Chili for a Cause
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Headed Home Magazine: January 2018
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Holiday Happenings 2017
Market Update-Great time to be a seller
Three Types of Home Staging
Toys for Tots 2017
Charity Spotlight: A Wider Circle
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Crest of Alexandria: New Construction
Restaurant Week in Alexandria, VA
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Check out Footloose at Hayfield Secondary!
Tom visits the world’s best grills!
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Long & Foster’s Award Ceremony
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Headed Home Magazine May 2017
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April 2017 Market Update
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Backpacks 4 Kids Donation Drive
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Winter Safety Tips
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Weekend Event Planner: 3/28-3/30
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Food & Friends: Slice of Life Fundraiser
Christmas Decorations Galore!
Autumn Chase to add four BRAND NEW home sites to the community!
New Silver Line Metro Opening Soon!
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Springfield Town Center is finally OPEN!
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Tips to make your home more "green"
Cherry Blossoms Guide
Going out Guide: March 29-31
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FREE bus service from Kingstowne area to Tysons through 4/12/13
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Lots of great events this weekend in DC & VA! March 22-24
Great ideas for improving curb appeal!
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Springfield Mall Update!
Tips for Granite and Stone Surfaces–How to Clean and Maintain
Update on Transportation Projects in our area
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2012 Spring Market Update for Kingstowne, Alexandria, Springfield and Lorton Virginia
Toys for Tots!
A few thoughts on Homeowner’s Associations and Architectural Review Committees
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FBI Relocating to Springfield?
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Brief real estate market update
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Lorton: New Youth Center at Workhouse!
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Kingstowne Community 5 K Race: 11/19
New Bus Route: Springfield Metro to Fort Belvoir
New Press Release
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New Springfield Park and Ride Lot for Commuters
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Toys for Tots Campaign: Drop off Toys at Our Office!
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Waterfront Condo… in Falls Church?!
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Get Back in Shape the Fun Way: Sports
Buying a Northern VA Condo with an FHA Loan? Do Your Homework
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Tom & Cindy’s Team Adopt-a-Highway for Community Service Day
Congressional Blues Festival Tomorrow!
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Check Out Pearmund Cellars in VA Wine Country!
Avoid the Virginia Beltway Inner Loop this weekend
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Cindys grandson finishes 9th in Best Ranger Competition
Cindys grandson competing for Best Ranger!
First-time Buyer Tax Credit NOT Over for Military
May 2010 Market Update for Springfield, Lorton, Alexandria and Kingstowne
George Washington Parkway Classic
Make Your Own Wine and Beer in Alexandria, VA
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