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.
Check with your Realtor® to see what area-specific realities may factor into your home search, such as whether the market is flooded with new listings.
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 you encounter any unexpected delays in your transaction process.
- Use ONE Realtor®
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 to 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.
- Control what you can
Making sound choices upfront is a great way to smooth out any potential bumps that may hinder a smooth transition for both seller and buyer.
Here are some things you should consider if you are a seller:
- Find a buyer before you move. This allows you to negotiate a longer closing timeline that works around your needs.
For sellers, consider these options to make your transition successful:
- Add a contingency. This works great for both sellers and buyers. You can add a contingency that requires the seller to find suitable housing before the closing.
- Be ready for closing day! Assuming you’ve found another place to live after selling, you will be required to remove all possessions from the home after a walk-through. For a few hours, you’ll be temporarily without an address, and you’ll be heading from one closing to the next. Being prepared can make this as simple as driving to the next closing and then off to your next home!
- Hire movers in advance. Coordinate movers to help you meet your closing timeline. You also may want to consider storage options, such as pods or traditional units.
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.