When I go on a listing appointment my first question is to ask where the owners are planning to go when their house sells. If plan A is to buy another home, we still need a backup plan.
Buy a Home in Austin
Contracts contingent on the sale of a current property are not desirable in current Central Texas real estate market because there are plenty of buyers to come by. If a seller is getting decent traffic on a home they are going to be less likely to accept an offer that may never close if proceeds are needed from the sale of the buyer’s current home. It is considered a house of cards and a risk in any market.
A seller is most likely not going to even consider a contingency offer if the buyer’s current home is not under contract. A potential seller can’t really have a specific house in mind to purchase until they are under contract with their current house and the desired house they want to buy may not be available when they do. Having a plan A, a plan B and even a plan C will alleviate some stress because the decisions will already be made.
The plan B alternative may include an extended stay hotel, renting a storage facility or converting to a month-to-month when a lease is involved. It may even mean staying with family (that’s typically plan z).
There is stress considering a plan B, because nobody wants to go there, but there is more stress when you don’t have one so it’s better to have a backup plan.