Tips for Simultaneously Buying and Selling a Home
Buying a home and selling a home can be two of the most stressful (and expensive) events of your life... 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.
It can be difficult to buy and sell a home at the exact same time. So, first, you may want to figure out if you prefer to do one before the other — each has its own set of unique advantages and disadvantages.
And remember, the effectiveness of each option can be heavily influenced by current market conditions.
Tips for Buying First
If you decide to buy first, here are some expert tips to follow:
Request an Extended Closing
We know you’ll be super excited to move into your new home ASAP. But don’t get too far ahead of yourself because it’s typically critical that you sell your home before moving. This is why we recommend requesting an extended 60-day closing to allow you time to get your home ready to list, list it, and give the buyers time to close and be prepared for move-in.
Make Your Offer Contingent on the Sale of Your Current Home
You can’t expect to ask for too much in this seller’s market as a buyer, but the last thing you want is to be straddled with two mortgages. Making your offer contingent on your current house selling is reasonable, and some sellers could be willing to work with you. This contingency will offer you a little protection — and therefore peace of mind — that if your house doesn’t sell for some reason, you won’t be legally bound to your new home.
Make Sure Your Home is Ready to Sell
Even in a seller's market, the presentation of your home will have an effect on your profitability. 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 might need somewhere to live once your house sells and you look for a new home; whether that’s with family and 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. If short-term rentals are hard to come by, consider looking at an Airbnb. You might even be able to leave all of your furniture in storage and avoid a double-move with this option.
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 else 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.
Flip the Contingency
In a seller's market, sellers tend to have more leverage than buyers so flip the home sale contingency on its head. Instead of making your purchase contingent upon the sale of your current home, make the sale of your current home contingent upon the purchase of your future home. Many buyers in the current market are willing to accept this contingency if it helps them buy your home. And if you already have a buyer for your current home, the seller of your next home is much more likely to work with you.
It’s no secret that the buy and sell process is tricky and stressful — especially in this real estate market! But we’re here to help. Contact us today, and let’s get started.