3 Tips for Selling and Buying a Home at the Same Time

    You’ve found a home that’s caught your eye, and now you’re ready to move. There’s just one issue—you need to sell your current home first.

    Selling and buying a home at the same time isn’t a new idea. However, most people are surprised to learn how many details there are to figure out, in order to be successful.

    Thankfully, we’re here to share our expert advice on how to succeed, no matter the challenges.

    Here are three tips to help you avoid common mistakes when juggling multiple transactions.

    Play to the market

    Markets matter. You’ll need to delicately balance your back-to-back transactions, in order to move you toward your end goal.

    If the market is not hospitable to your current situation, you may want to modify your timeline.

    Keep these key points in mind, when evaluating whether the market is right for your move:

    • Move to a market where your dollar goes further. Or downsize your next property to make the most of your sale and potentially have funds left over.
    • Ask yourself, “Why am I moving?” Is it to chase the perfect home that’s finally available, or have I outgrown my current situation?

    When you’re selling and buying a home at the same time, it’s crucial to have a backup plan.

    Have some extra cash for accommodations, as you may need a place to live, should the process take longer than expected.

    Control what you can

    Remember the intricacies of buying your first home? Now multiply them and add two additional parties, each with their own agents, lawyers, and timelines.

    Things can get complicated very, very quickly. This means it’s important to control as much on your end as possible.

    The absolute best thing you can do to ensure that your end of the deal is running smoothly is hire one Realtor® to sell your current home and purchase your next one.

    There are real advantages to hiring one Realtor®, when selling and buying a home at the same time:

    • Less to manage. Less of everything, actually. With one Realtor® there are less communication snags, less appointments, and less to manage overall.
    • More efficient service. Using one professional empowers them with a 360° view of your situation. This means they can anticipate issues and get results more efficiently.
    • More accurate pricing. How nice would it be to have the same person negotiating both of your closings in ways that meet your needs, rather than patch-working them together in isolation?

    Essentially, it’s far easier to get where you’re going with someone who knows where you already are

    Make choices upfront

    The what and where of your move is just as important as the why.

    When you’re selling and buying a home at the same time, the order of your transactions will determine a lot for you.

    If you’re selling first, you should definitely contact a licensed Realtor® as soon as possible. They will likely suggest that you:

    • Ensure your home is ready to sell. How’s the roof? How about the plumbing? Are you in a position to meet any buyer requests in a timely way?
    • Understand your current financial situation. Are you able temporarily rent if there is a longer transition period?

    If you’re buying first, it’s a great idea to work with a Realtor

    You’ve found a home that’s caught your eye, and now you’re ready to move. There’s just one issue—you need to sell your current home first.

    Selling and buying a home at the same time isn’t a new idea. However, most people are surprised to learn how many details there are to figure out, in order to be successful.

    Thankfully, we’re here to share our expert advice on how to succeed, no matter the challenges.

    Here are three tips to help you avoid common mistakes when juggling multiple transactions.

     

    1. Play to the market

    Markets matter. You’ll need to delicately balance your back-to-back transactions, in order to move you toward your end goal.

    If the market is not hospitable to your current situation, you may want to modify your timeline.

    Keep these key points in mind, when evaluating whether the market is right for your move:

    • Spring and summer are boom times for listings. Markets are flooded with new properties, which means higher competition and therefore lower sale prices. Consider selling in an “off-season.”
    • Move to a market where your dollar goes further. Or downsize your next property to make the most of your sale and potentially have funds left over.
    • Ask yourself, “Why am I moving?” Is it to chase the perfect home that’s finally available, or have I outgrown my current situation?

    When you’re selling and buying a home at the same time, it’s crucial to have a backup plan.

    Have some extra cash for accommodations, as you may need a place to live, should the process take longer than expected.

    1. Control what you can

    Remember the intricacies of buying your first home? Now multiply them and add two additional parties, each with their own agents, lawyers, and timelines.

    Things can get complicated very, very quickly. This means it’s important to control as much on your end as possible.

    The absolute best thing you can do to ensure that your end of the deal is running smoothly is hire one Realtor® to sell your current home and purchase your next one.

    There are real advantages to hiring one Realtor®, when selling and buying a home at the same time:

    • Less to manage. Less of everything, actually. With one Realtor® there are less communication snags, less appointments, and less to manage overall.
    • More efficient service. Using one professional empowers them with a 360° view of your situation. This means they can anticipate issues and get results more efficiently.
    • More accurate pricing. How nice would it be to have the same person negotiating both of your closings in ways that meet your needs, rather than patch-working them together in isolation?

    Essentially, it’s far easier to get where you’re going with someone who knows where you already are.

    1. Make choices upfront

    The what and where of your move is just as important as the why.

    When you’re selling and buying a home at the same time, the order of your transactions will determine a lot for you.

    If you’re selling first, you should definitely contact a licensed Realtor® as soon as possible. They will likely suggest that you:

    • Ensure your home is ready to sell. How’s the roof? How about the plumbing? Are you in a position to meet any buyer requests in a timely way?
    • Understand your current financial situation. Are you able temporarily rent if there is a longer transition period?

    If you’re buying first, it’s a great idea to work with a Realtor to purchase a home that will work within your current financial situation, regardless of what happens when you sell.

    Start now, not later

    Selling a property is a big enough task, let alone selling and buying a home at the same time.

    Thankfully, the processes can be made easier by partnering with an expert Realtor® who knows their stuff.

    If you’re looking to get out with the old and in with the new, contact our qualified professionals at Spectrum Real Estate Consultants to see how we can help you meet your goals.

    to purchase a home that will work within your current financial situation, regardless of what happens when you sell.

    Start now, not later

    Selling a property is a big enough task, let alone selling and buying a home at the same time.

    Thankfully, the processes can be made easier by partnering with an expert Realtor® who knows their stuff.

    If you’re looking to get out with the old and in with the new, contact our qualified professionals at Spectrum Real Estate Consultants to see how we can help you meet your goals.

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