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The current market likely won’t support that type of contingent offer.
You could look at new build homes. They often require a down payment of 5% or 10%. You’d be able to avoid the contingency portion and plan the sale of your current house to completion of the build being done. You’d also lock a price now (most builders in Austin at least). Interest rate you won’t lock until later so some risk there.
That’s what we did in 2020. New build 5% down. We are hesitant to do it again bc of the quality of the builds we’ve seen including our own home. And all of the new builds are further from dt. We looked at mueller, and of course a new build was $1m with $30k earnest.
Has your current home gained a chunk of value since purchase? You could use that equity to open a HELOC to finance the new home. Then, sell the old home at your own pace free of contingency and pay back the HELOC, or keep the home and rent it out.
Unfortunately, mortgage rates have increased substantially but housing prices haven’t yet caught up (decreased). That usually takes 6-12 months, but based our current circumstances, probably longer.
Yeah it has. And we’re not in a rush at all. We bought our house to avoid high rental costs. And were testing the waters. And it is more south than we’d like. It’s an awk time bc bigger homes that are more affordable are south of us into Buda. And I suppose a lot of people like that area bc of the schools ( so I’ve heard). My partner and I aren’t there yet.