As if buying or selling a home wasn’t stressful enough, having to sell your home and buy another simultaneously is double the stress and worry.
It might seem simple enough for some – the stars align, and selling their original home while purchasing a new home occurs smoothly. For the rest of us, who may not be so lucky thanks to ever-changing real estate markets, we’ve got a few things for you to consider when trying to buy a new home while selling your old home.
There are plenty of discussions about which is better to do first: buy the new home so you have a place to go when you sell your current home or sell your current home so you have the funds to buy a new home. It’s hard to say which way is better, as sometimes the market will decide for you.
The price is right
You’ll want to price your current home at a price that will sell but also allow you to buy the new home you want. If you’re looking at downsizing, this may not be as much of an issue as you’ll be looking at buying a smaller place with a smaller price tag. However, if you’re looking for a more prominent place, you’ll want to get as much as possible from your current home. Make sure you cover the sale price with your purchase.
Consider the contingencies
As both the buyer and the seller, you will want to include contingencies in the contracts that the purchase/sale will ride on the sale of your current home. It is perfect to have these in place for yourself, but be aware that a seller might be more willing to accept an offer from someone without any contingencies. Your realtor and the other realtors will be able to hammer out the details and do what’s best for you and your clients.
Be prepared with a back-up plan
You will also want to have a backup plan if you sell your home but don’t have a place to go as you haven’t found the right house to buy. You’ll need to consider storage for your furniture and other household items and find a place to stay while you go house hunting. Some can stay with friends and family, while others may need to find a short-term rental. Lining up an option might seem like inviting the problem, but better safe than sorry. Make sure you’ve got funds available, just in case.
Be willing to compromise
We know how stressful it can be buying or selling, but chances are, the people looking to buy your current house and those trying to sell you your new one are under just as much pressure. Be flexible, and be willing to hear each party out so you all may get what you want a little easier.
Save the date
Choosing the right closing date can make your buying and selling process seamless. It can take a few days for the bank to transfer funds, so be prepared for that wait when choosing a closing date. Don’t try to close on a Friday, as the weekend will just add more days until the deal is done.
Ready to buy and sell?
Having a qualified realtor in your corner is your best bet for buying and selling at the same time. We’ve got the knowledge and experience to help you through both processes: getting your home sold for the right price and getting you into the right new home for you and your family. Give us a call at 778-363-9132, and let’s get started!
