The country is experiencing a severe shortage of homes for sale. Homeowners are not listing their homes for sale because they are afraid they may not be able to find another to replace it, which exacerbates the shortage, which creates higher prices. It’s a vicious cycle and a housing industry dilemma.
One remedy to this problem may be for sellers to consider home sale contingencies from buyers. A buyer may need to sell their house first to obtain the cash to purchase. On the other hand, the seller may find that they need a contingency when selling their home that states they find suitable housing first. It works both ways. Buyers need to be flexible and allow sellers the time to find a replacement home, and visa-versa, the seller needs to give buyers some time to sell their home. It can all be worked out in the listing and the purchase contract, but the key is flexibility on both sides. Consult your realtor to assist you in correctly wording the documents.
Rixey Real Estate Agency is your resource for all real estate information and services on the Jersey Cape. For more information, visit www.rixeyrealty.com, call (609) 465-4650 or stop by the office at 12 S. Main St., Cape May Court House.
