Get to Know the ‘Leaseback,’ the Pandemic House Selling Trend Where no Move Is Required
When selling a home, getting the timing right can be tough. Selling too soon may mean scrambling to find a place to sleep. Selling too late could make it difficult to finance your next purchase. As the pandemic and recession heighten these challenges, sellers are finding workarounds.
Take Carrie Shoaf, an agent with Scenic Sotheby’s International Realty who lives in a 2,500-square-foot, four-bedroom home in Watersound Origins, a coastal community in Northwest Florida. Shoaf and her husband built the house in 2017 and are now building a new one nearby, which is scheduled for completion next summer.
“We didn’t want to move twice,” said Shoaf. The couple originally planned to put their current home on the market in 2021, a couple of months before settling in their new residence. But since the onset of the pandemic, which spurred home buying demand and interest in the neighborhood, the couple debated whether to sell early. Finally, a buyer from Indiana offered to let them remain in the home as renters until construction is finished.