HOME OWNERSHIP ADVICE

Buying and Selling a Home Simultaneously

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It’s not the easiest thing in the world to sell a home in today’s market. The thought of trying to buy a home at the same time is something that most people would never even consider.

But, it’s not quite as difficult as it seems, especially if you keep a few tips in mind.

Not sure where to start? Don’t worry, we’ve got you covered. Let’s take a look at everything you need to know about selling and buying a home at the same time.

Prep Your Home For Buyers Early

Before you put your home on the market, you’re going to need it to be mostly in its end-game state. This means making any necessary repairs, installing updated hardware, and cleaning virtually everything.

If you’re too caught up in looking for your new home before you prepare your current one, you run the risk of rushing to get it ready for the market. If your current home isn’t paid off, then you’ll also be stuck paying two different mortgages, something that can quickly eat away at your finances.

Don’t Spend Too Generously

It’s important that you don’t base your new home purchase on what your current one should sell for. The market fluctuates all the time (depending on your region), and there are plenty of other factors that could influence whether or not you find a buyer willing to pay what you need them to.

The last thing you want is to close a deal on an expensive new home and then get only a fraction of what you expected to from your current home.

So, assume that you won’t get your full asking price for your current house when shopping for a new one. It will make your life much easier if things go awry.

Get a Short-Term Rental If You Need To

If you’re ready to move out and you’ve found a home you like, there’s no need to stay in your current home.

There are likely plenty of landlords in your area that offer short-term rentals for people transitioning between homes. This will also allow you to get your current property 100% ready for buyers, making it far easier to showcase.

Take The Market into Consideration

Whether you sell or buy first should depend on what type of market you’re in. Let’s take a look at both.

Buyer’s Market

You’ll likely find that it will take a bit to sell your home, especially for an asking price on the higher end of your home’s worth. So, it’s important to find a buyer for your current property before you move forward with purchasing your new home.

Seller’s Market

With proper staging (and a fair asking price), you shouldn’t have any trouble selling your home in this type of market. You may, however, encounter a bit of difficulty in negotiating with the owner of your potential new home.

In this scenario, look for a seller who will work with you. Once you’ve made an offer, you can focus on selling your own home.

Selling and Buying a Home at The Same Time Can Seem Difficult

But it doesn’t have to be.

With the above information about selling and buying a home in mind, you’ll be well on your way to moving into your new house while finding a buyer for your old home as quickly as possible.

Ready to get started selling your home? Check out what we can do for you.