Buying or Selling a Home/buying and selling

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Question
I am trying to figure out the logistics of relocating to another state, when my current house is paid for, I am in no hurry to sell, and it won’t be a problem to buy another house first and then sell this one, if needed.

I live in ND in a paid for house. I want to relocate to TX, but am in no hurry. I can live in this house till it sells, close, immediately have my stuff shipped to TX, put  most of it in storage while I house hunt there.

I can clean this house out, store my stuff here and rent something cheap here for a few months while I wait for the house to sell.

I can buy something in TX, close, move my stuff, get settled, put this house on the market and come back to close when this house sells. (This is probably the simplest – one thing at a time.)

I am so confused! How do other people do it when the old house is paid for and there is no hurry about selling it?

Answer
Hello JoAnne - This is an age-old question that has plagued homeowners for years. Many don't seek assistance and the daunting task ends in emotional distraught and the decision not to move at all, however those that do seek advice realize the although the process may still contain elements of stress ultimately its rewarding... and fun! Today's real estate market offers you comfort from a selling perspective in that there is a lack of home inventory in most states. This means that you have options, and there are strategies to best meet your needs. First, you could rent your existing home as the rental rates are high in many areas. If needed, this might allow you time to focus on selecting your new home first, then consider selling your current home later, even take advantage of increasing prices selling later than sooner when the home values have increased. Hiring a REALTOR to provide you with necessary market statistics, understanding the home selling process customs in your area, and someone who can listen to your needs and concerns and provide you with answers is in your best interest. Statistically most sellers only interview one (1) REALTOR however you may consider interviewing more than one listing agent and compare the costs and services. Although the core services will always be similar, you may feel more comfortable with one versus another and your confidence and comfort with that person is the most important aspect of your satisfaction. Although there is a cost associated with hiring a REALTOR, the national statistics show that people who hire a REALTOR sell their home in shorter periods of time, and at a higher sales price.

In the same line of thinking, hiring a REALTOR (real estate professional) to assist you with the new home purchase process (community, entertainment, nightlife, arts, home needs, etc.) will provide you with similar value on the buying side and your agents fee is typically paid through the listing broker or owner/seller. This means there is little or no cost for you to receive this valuable advice and support.

I moved recently myself, and elected to rent my current home since I could qualify for a mortgage on the new one without the need to sell. We found a great tenant who were at the same stage of life  as were we who opted for a 2-year lease. This was good news for us as the market is intended to increase 20% over the next two years.. the additional carrying costs are being paid by the tenant. The new home search was lengthy and we looked at almost 30 homes. We are picky, since we are in the real estate business, however we are like everyone else at the same time. Looking for that home that met our needs. Obviously we eventually found the 'right' home and we are enjoying the decisions we made.

In closing, you might consider the following process:
1- Start your new home search online using realtor.com, Zillow or Trulia and learn about the homes prices, styles and amenities in particular areas. 2- talk to a REALTOR in the major areas you would like to live and ask about the community, arts, dining, nightlife, activities, prices and taxes to get a feel for which local areas you would want to live. 3- Go on Google Earth, and search the Chambers of Commerce for additional information about those areas. 4- Narrow your home search (bedrooms, size, style, features, etc) that your new home must have. 5- at some point you will need to visit the areas and meet with your REALTOR to see in person the areas that looked good on paper/online, as sometimes they look totally different when you get there.

ONCE all this is done, and you get excited about the prospects of moving, THEN consider meeting with a REALTOR in your current city to learn more about the options you have to sell or rent your home. Interview them like they were being hired for a job, get testimonials with phone numbers you can call to ask about them, remember references always like the person. Finally, use the internet yourself and as previously mentioned check home prices of homes similar to yours. You want to ensure you know the average value of your home so that when the REALTOR talks to you about price you can discuss that with an understanding of your local market. Of course, although WebMD has changed the information about medical, we still need the doctor to truly help us diagnose our issue.

Congratulations on your decision to learn more about the home selling and buying process. If you would like more detailed information about each process please reply and I will be happy to provide you with that, and answer any additional questions. I look forward to serving you further. - Todd

Buying or Selling a Home

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Todd C. Menard, GRI, rCRMS, REALTOR, BROKER

Expertise

National Association of Realtors Code of Ethics and Professional Standards * Contract Questions: Arizona Real Estate Purchase Contract, Exclusive Buyer Broker Contracts, Listing Contracts and associated contract documentation (addenda) as it relates to boilerplate, covenants, contingencies, procedures and procedures. * ARMLS Arizona Regional Multiple Listing questions * Real Estate Professional Standards and Practices, Ethics, Obligations, Duties * Agency relationships in Arizona, Procurring Cause * Questions typicaly arising during the listing period * Questions typically arising during the escrow period * Questions about working with a real estate agent/REALTOR * Questions Related to New Home Builders

Experience

National Association of REALTORS Board of Director (2011, 2012) Arizona Real Estate Salesperson License (1991-1995), Arizona Real Estate Brokers License (1995-Present), Arizona Association of REALTORS Board of Directors (2008-2013), Arizona Association of REALTORS Professional Standards Committee (2008-2012), AAR Certified NAR Code of Ethics and Professional Standards Instructor, Southeast Valley Regional Association of REALTORS President (2012) Southeast Valley Regional Association of REALTORS Board of Directors (2008-2013), Southeast Valley Regional Association of REALTORS Grievance Committee Chairperson (1998-2007), Southeast Valley Regional Association of REALTORS Bylaws Committee (2008-2010), Southeast Valley Regional Association of REALTORS Education Committee (2007-09), Arizona Association of REALTORS Forms Committee - Residential Purchase Contract (2005), Arizona Association of REALTORS Forms Committee - Residential Rental Agreement (2008), Arizona Association of REALTORS Forms Committee - Buyer Broker Agreement (2009), Arizona Association of REALTORS Presidents Advisory Group, Road to Professionalism (2009), Arizona Association of REALTORS GRI Curriculum Review Committee (2009), Arizona Department of Real Estate, Commissioner's Education Advisory Group Sub-Panel B (2010) Arizona Department of Real Estate, Commissioner's Statute and License Review Committee (2007)

Organizations
National Association of REALTORS, Arizona Association of REALTORS, Arizona Real Estate Educators Association (AZREEA), Arizona Regional Multiple Listing System (ARMLS), American Notary Association, Southeast Valley Regional Association of REALTORS (SEVRAR), Southeast Valley Regional Association of REALTORS Women's Council of REALTORS (2010-Present), Phoenix Association of REALTORS (1994-2000, 2005-2009), Scottsdale Association of REALTORS (1994-2000, 2005-2009), Maricopa/Glendale Association of REALTORS (1994-2000, 2005-2009),

Publications
"Real Estate in 2008"- Lifebushido Publishing (Contributory Author), Southeast Valley Regional Association of REALTORS "SEVRAR Magazine", Internet Crusade, RealTown ListServe, Blogger.com, Active Rain

Education/Credentials
- Certified NAR Code of Ethics and Professional Standards Instructor, Graduate REALTOR Institute (1993), Certified Negotiation Expert (CNE), Over 100 Hours of annual real estate continuing education, Annual Ethics and Professional Standards Development Workshops as required by the National Association of REALTORS, Approx. 36 hours of NAR Code of Ethics training annually, Numerous IDW, Seminars and Train the Trainer programs, Business Management Degree - 1981

Awards and Honors
2009 REALTOR of the Year Award, Southeast Valley Regional Association of REALTORS (10,000+ Members), Double Platinum Production Award ($45,000,000 Sales Volume)- Keller Williams Realty Int'l (2001), Top 15 Sales Production Keller Williams Realty International (2001), Top 5 Sales Producation Keller Williams Realty Southwest Region (2001), Top Recruiter Award - Keller Williams Realty Int'l, SW Region (2002), Who's Who in U.S. Executive (1983), Who's Who in U.S. Real Estate Professionals (2007)

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