Time for a quick real estate update. The housing market is going gangbusters, but we’re still starving for inventory. And if open house traffic is any indication, there are a lot of you out there looking for homes. So my message is to all you would-be sellers; the market conditions are so much in your favor right now. If you’re on the fence, it’s time to jump off. I should know, I’m actually getting ready to sell my own home. But the problem that many of us run into is that we need the equity from our current home in order to put a down payment on a new one. And with so many eager buyers out there, most sellers aren’t accepting contingent offers.
One solution worth considering is a bridge loan. A bridge loan allows you to take a short term loan out against the equity in your current home. It gives you immediate cash flow to make a down payment. Then, when you sell, you pay the loan off. It allows you to bridge the financial gap between a home sale and a home purchase. Windermere is actually the only real estate company in Seattle that offers a bridge loan program. Yes, you can attain them through banks, but the process is much more arduous. If you’re thinking about selling and want to learn more about our bridge loan program, contact your Windermere agent.
Windermere Real Estate