According to the National Association of Realtors, nearly 30% of homeowners sell within 5 years. Acre is purpose-built for these residents, people who plan to be in the home for 3-5 years or are uncertain about their timeline. We’ve found that experienced owners quickly grasp Acre’s value. They’ve recently gone through the pain and cost of selling a few short years later. Or perhaps they just barely broken even and know that next time they want to do better. Here are some of our early customers’ stories* and the reasons that inspired them to choose a different approach this time around.
Renting out your previous home
Helen is a lawyer who owns a home in Raleigh, North Carolina and was thinking about the best way to rent out her current home while getting a home that fit her evolving needs, including a downstairs bedroom for her aging mom. Even though she had a renter lined up, she wasn’t excited about the burden of two mortgages and the maintenance on two homes.
Helen partnered with Acre and she found a beautiful house, near her previous home. Acre worked with her agent to prepare a compelling offer and had a quick closing. While she was out of town, Acre painted the new home and made repairs. When her renter asked to move into Helen’s previous home early, Acre was able to move up the timeline for Helen’s move into her new home.
After she moved in, Helen wondered about the condition of the home. What if it was a lemon? She wanted to check for a leak under the fridge. Acre staff crawled under the house and recorded a video that showed the floor boards, beams, insulation, and ground were dry and in perfect condition. Helen was able to breathe a sigh of relief knowing that the home was solid and she had a partner to verify.
In the future: Helen is excited to keep her previous home and low mortgage rate, right-size for her current needs, and build wealth across two homes. Helen plans to buy her home from Acre in a few years. Hopefully, rates come down by then. If not, she maintains the other end of-term options to: extend her time, cash out her share of the home’s value, or transfer to another home with Acre.
Being near the fantastic high school
Melanie and Matt are small business owners who wanted to send their daughter, Savannah, to the high school with the fantastic reputation. They plan to downsize after she goes to college and they don't foresee staying longer than four years.
They were on a mission to be in the neighborhood and enroll before school started. They found 2 Acre Certified homes in their target neighborhood and asked us if we’d approve a third. Then they gave us their priority order for the three options. Acre made a compelling offer on their top choice and it was accepted. They were able to move in mid-August and show the school the documentation necessary to enroll Savannah just in time for the start of school.
In the future: After Savannah graduates, Matt and Melanie plan to move to Atlanta to be near family. They’ll have the option to cash out from their Acre home and plan to use a mortgage to buy a home they intend to stay in longer term. If they’re unsure of their Atlanta plans, they could choose to transfer to another Acre home (we’ll be adding new markets each year!).
Upgrading your home every few years
Samantha and Kenneth lived in Chapel Hill. She’s an engineer and he’s a small business owner. Their church community is central to their lives and they were commuting from Chapel Hill to Durham (20 minutes). Their goal was to move close to the church. They had moved every couple of years and knew they were likely to move again whether for their next upgrade or because their son would graduate from elementary school.
They had a specific neighborhood in mind and closely monitored when houses on their preferred street went on the market. They saw a home they loved on a Sunday afternoon. They got in touch with Acre that day and submitted their information for approval on Monday. Acre’s analysis showed the home was listed above its actual market value and negotiated to bring down the price significantly. By Wednesday, Acre had the home under contract for Samantha and Kenneth.
In the future: Samantha and Kenneth will look for a larger home including a guest room with ensuite bathroom, a three car garage, and a bonus room. If they get to choose the finishes on a new build, that’s even better. They’re already talking about a transfer with Acre and how we can create a smooth transition for them without the burden of a double mortgage.
Our Learnings
Our customers' reasons to choose Acre are more varied than we’d anticipated. We had foreseen the relocators who aren’t sure which neighborhood will feel like home. We hadn’t envisioned the first-time landlord who Acres their new home. We are inspired by our customers’ thoughtful approaches planning for their next few years and building their financial wellbeing.
Read our How it Works page and schedule a call with an Acre Expert and tell us what you’re trying to accomplish.
*names have been changed for privacy
an Acre Home
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