Here's how you can navigate buying and selling a home at the same time.
In our current market, people often ask me for tips on how to sell their home and buy a new one at the same time. That’s a great question because it can be a tricky process. Today I’ll share my advice about how to navigate this scenario.
Largely, it depends on what your financial position is. Some people have enough equity in their homes to put a down payment on their next home. That’s the ideal situation; then you don’t have to clean up your house and have a lot of people walking through it while you’re trying to pack up and move. Sometimes it’s just easier to move into your new house before selling your old one.
Now, if you need to sell first, we have a strategy. First, we’ll help you get your home ready to sell with some pre-staging and decluttering. We want to make sure your house is perfect for the buyers who will be coming through for a showing. Then we can begin your home search. Ideally, we’d sell your home and accept a contract to give you between 60 and 90 days to move out, but that’s not necessarily how buyers will want to purchase your home. If they want to move into your home within 30 days, then you’ll need to be able to move out for them.
What if you can’t find what you’re looking for? Well, timing is important, which is why we’ll start shopping early. We’ll need to get your home sale-ready, but we won’t list it until we find another for you to move into. Once we find that home, we’ll make an offer that will be contingent on the sale of your current house, but don’t worry too much; your home will already be prepped to hit the market by that time. We’ll also do some pre-marketing to let people know about your house, when it will be available, and how quickly they can write a contract on it. This way, there’s a pretty good chance that you’ll be just as competitive as a buyer who doesn’t have a home to sell.
All in all, the trick to getting both transactions done is a combination of timing and quick cooperation. The 2022 market will be similar to what we saw last year, where buyers must be savvy when they make offers on properties if they have homes to sell. If you have any questions or need assistance juggling two transactions of your own, don’t hesitate to give us a call or send an email. We’re always here for you.