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Welcome to the ultimate and most phenomenal resource for all real estate information and services in Durango Colorado and the Southwest. I hope you enjoy your visit and will explore everything my realty website has to offer, such as Durango real estate listings and homes for sale, information for homebuyers and sellers, and more About Me, Blue Ribbon Properties and Claudia Williams, your professional Durango Realtor.

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Durango Real Estate Weekly - Top Picks by Claudia

Introducing the "Durango Real Estate Weekly - Top Picks by Claudia". I'm going to give a quick real estate market update, a list of new listings this week and I will pick and share with you my favorite 1-3 listings out of all of Durango, not just my listings, based on value, location. features and my own subjective opinion, haha. 

Stay tuned!

Durango top real estate picks

How to Buy and Sell a Home at the Same Time - Durango

In an ideal world, you’d buy a new home, move, and then, and when all the dust settles, deal with the selling. But for most people, that’s totally unrealistic. Not only does it cost significantly more, since you’ll be paying two mortgages, but you may not be able to qualify. So how do you buy and sell simultaneously without loosing your mind? I've been helping my clients buy and sell simultaneously in Durango, Colorado for the past 15 years. One could argue that I'm an expert in this field, leave the worrying to me and you focus on getting into your dream home. Call or text Claudia, 970 749 3555 and we'll strategize.

buying and selling a house at the same time in Durango

Not quite ready to talk to us? 

Read on for more info - no pressure, just let me know when you are ready!

You can do this!

If selling and buying simultaneously is the only way to go, here’s what you need to know to make sure both processes go as smoothly as possible.

Know the market first

Before you start seriously searching for a new home—or put your current home on the market—make sure you have a solid understanding of the housing market in your area (and the area where you’re planning to buy). Is the market weighted toward buyers or sellers?

Only then will you be able to fully strategize. As is so often the case, the best plan of action may differ depending on exactly who has the power.

That doesn’t mean to find one house you like and call it a day: Find multiple suitable options. That way, you’re less likely to find yourself in trouble if your purchase falls through—your newly sold home won’t leave you stranded.

Similarly, make sure to hire an appraiser and price your old home fairly. Now is decidedlynot the time for delusions of grandeur: Two extra months on the market because you couldn’t humble yourself to lower the price means two months you’ll be paying double mortgages. Two very long months…

Plan your schedule carefully…

Should you buy first, then sell—or vice versa? Both have their risks and rewards. Selling first makes getting a mortgage easier, but it also means you’ll need to find a temporary place to live. Buying first means moving will be easier, but it also skews your debt-to-income ratio, making it harder to qualify for a new mortgage—not to mention the difficulty of juggling two monthly house payments.

Whichever option you choose, make sure you’re prepared to accept the consequences: having to store your stuff and rent temporarily, or undergoing the financial burdens of dual mortgages.

… but don’t rely on timing

When buying and selling a home simultaneously, “there are so many external circumstances,” says DiMauro. “I’ve yet to see it really work smoothly and efficiently.”

Remember: You’re not the only party in this equation. For every seller there’s a buyer, for every buyer a seller. While things might appear to be working smoothly when viewing your master plan from above, that doesn’t take into account the variabilities of other people. Closings are rife with delays. Your buyers might have difficulty securing their mortgage; your home inspector may bring up issues that need to be fixed before you can move in.

So even if you’ve planned to sell your home first and are prepared to rent while buying, know that even the best-laid plans go awry—and you might end up juggling both mortgages. Preparing yourself for this (however remote) possibility ahead of time will ensure a smooth transition.

Know your financial solutions

For those who choose to sell first, the process is relatively straightforward other than the additional cost of a rental between homes. However, there is the option of a lease back, where you negotiate with the lenders and buyers to be able to remain in the property for a maximum of 60 to 90 days—often in exchange for a lower selling price or rent paid to the buyers. This can relieve some of the pressure of finding a new home, giving you additional time to house hunt.

But if you’re buying first, talk to your Realtor about ways to decrease your financial burden and risk. Here are the two most popular options for buyers:

Contract contingency: Buyers can request that their new home purchase be dependent on the successful sale of their old home. If you’re looking in a competitive market, this may not be a good option; however, if the seller of your intended home has had difficulty attracting interest, this may be a good deal for all parties involved—assuming you can convince them that your home will sell quickly.

Bridge loans: Bridge financing allows you to own two homes simultaneously if you don’t have deep pockets for a second down payment. This option is especially attractive if you’d planned to sell your home first and use the proceeds to buy the second. It functions as a short-term loan, intended to be repaid upon the sale of your original house.

Don’t let fear rush you

If your home has sold but you haven’t found a new place to live, don’t let anxiety push you toward a bad decision. DiMauro usually recommends that his clients pre-emptively plan on a short-term rental “so they don’t feel stressed or pushed into something that they would not normally be interested in,” he says. “They shouldn’t make a purchase because they felt like they were pressured from the time constraints.”

Found the perfect home right on schedule? That’s great. But don’t feel like you have to compromise on things that are important to you just because you need to find a home. Conversely, don’t accept a bid that you feel is too low just because your finances are strained by two mortgages. If you have a temporary apartment set up, you’re less likely to compromise.

Certainly, selling and buying a house simultaneously will be stressful—but carefully considering and planning for the risks and hurdles can mitigate the stress.

Why Successful People spend 10 hours a week just thinking!

This article is published in Inc. com - see below for the link.

Warren Buffett, the CEO of the fourth largest company in the country, isn't as busy as you are. By his own estimate, he has spent 80% of his career reading and thinking.

"That's what created [one of the] world's most successful business records in history. He has a lot of time to think," Charlie Munger, Buffett's long-time business partner, has said of his unusual approach to productivity.

For most people, Buffett's wide-open schedule is totally counter-intuitive. It goes against everything we think we know about what a leader does. Reading about the Elon Musks and Jeff Immelts of the world leads us to assume that business greatness means little sleep, and even less time with loved ones. Immelt, for example, has worked 100 hours per week for his entire career.

Buffett's schedule may seem like an anomaly. In reality, he's a trailblazer. Thanks in part to his example, over the past few years, several high-profile CEOs have come out against the norm of constant busyness. They argue that critical thinking time is essential in a complex, rapidly-changing digital economy.

AOL CEO Tim Armstrong, for instance, makes his executives spend 10% of their day, or four hours per week, just thinking. Jeff Weiner, CEO of LinkedIn, schedules 2 hours of uninterrupted thinking time per day. Jack Dorsey is a serial wanderer. Bill Gates is famous for taking a week off twice a year just to reflect deeply without interruption.

I try and do the same. I set aside time every week for thinking, preferably while skiing, boating or hiking. I believe that, whatever your business type or size, you can and should make time for it too.

Thanks for reading, Claudia

Want to find out more? Click here for the link.

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Claudia Williams
Durango, CO 81301
 970-749-3555
claudia@blueribbondurango.com



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Claudia Williams | Blue Ribbon Properties | 970-749-3555 | claudia@blueribbondurango.com
Durango, CO 813o1
Copyright © 2016. Claudia Williams, All Rights Reserved