Tips for Simultaneously Buying and Selling a Home
Buying a home and selling a home can be two of the most stressful — and expensive — life events. And, they often happen simultaneously! If you’re looking to buy a home while also trying to sell your home, don’t panic. In this post, we’ll go over a few tips to help you tackle the buying and selling sides of the real estate market without becoming overwhelmed.
Tips for Buying First
You likely can’t buy and sell a home at the exact same time. So, first, you’ll need to figure out whether you want to buy a home or sell your home first — each has its own set of unique advantages and disadvantages. If you decide to buy first, here are some expert tips to follow:
Look at Different Options for Buying First
We know you’ll be super excited to move into your new home ASAP. But don’t get too far ahead of yourself. Talk to a loan consultant to determine if you can qualify to purchase your new home without the sale of your existing home. Do you have the funds available for the down payment? If not, they might be able to help you find the funds through a retirement account or a HELOC on your existing home. If you need to sell in order to buy you may want to consider one of the "Buy Before You Sell" programs available. Sure, the come with additional cost, (they ae a for profit business), however it might be the only way you snag that perfect next home in this market.
Make Your Purchase Contingent on the Sale of Your Current Home
This is not likely to happen in todays market. You can’t expect to ask for too much in this seller’s market as a buyer. This contingency will likely end up in disappointment and frustration after losing homes to other buyers.
Make Sure Your Home is Ready to Sell
There’s so much that goes into getting a home ready to sell — from painting every nook and crevice to deep cleaning and making sure the landscaping would make Martha Stewart green with envy. This is why it’s so important to get started as soon as possible. As soon as you know you’re serious about selling, start a checklist of ‘must-do’s' before you list and get to work!
Tips for Selling First
If you need to sell your home before you can start looking for a new house, consider these tips:
Find Temporary Housing
You’ll need somewhere to live once your house sells and you look for a new home, whether that’s with family or friends, at a hotel, or an apartment or rental home. Give yourself at least two months to find accommodations that will suit your family’s needs, and consider a backup plan just in case Plan A falls through.
Be Ready To Buy
Once your home sells, you’ll want the process of finding a new home to go relatively quickly, especially if you have children in school or a baby on the way. So, get everything in order with the bank ahead of time, including mortgage pre-approval, your budget, and timeline. That way, when the time comes to make an offer to buy a home, you won’t face any delays that could have been avoided and that have the potential to lead to your dream home getting scooped up by someone who is ready.
Know What You’re Looking For
Today’s real estate market moves fast. So, it’s important to know exactly what you’re looking for in a new home. Start a list of must-haves, including location and school system, number of bedrooms, and any amenities you’re looking for. Give the list to your Realtor so they can keep their eyes out for listings that are coming up, and once you accept an offer on your current home, you can get to work finding exactly what you’re looking for.