How to Buy and Sell a Home at the Same Time

Looking to sell your home this year and move into a new one?  You're not alone, and those are two massive tasks!

While today’s hot housing market might make selling your home easier, it could also make buying one much more challenging—and potentially tangle you up in a financial mess if you're not careful.

You might be so focused on getting a new home that you prioritize buying one before selling your current home. If this means you’ll pile a second mortgage on your back, you definitely should not buy before you sell.

You should start with a discussion on current real estate trends. Then you’ll have a grasp on how much your home will sell for and how much you can expect to pay for your new home.

With a clear understanding of your real estate market and the professional advice of your agent, start tackling these three questions: 

1. What’s my ideal timeline?
2. How much can I afford?
3. Can I make the transition at once? Or do I need to plan for a gap between closing on the sale of my current house and move-in date for my new one?

Now you’re ready to put your plan into action! You’ll need to get your home ready to list. I have created 4 essential steps for preparing your home for the market in a previous blog, and I highly suggest giving that a quick read!

With a well-prepared home and this hot market, plenty of offers will head your way. Your agent can help you comb through the offers and negotiate a contract that benefits you and your timeline.  Of course, I would be honored to be your selected Real Estate Professional to guide you along the way.

At this point, you might be itching to make a move on your own new home, but stay focused on meeting the contingency deadlines of your contract and closing date. Any delays could complicate your transition to a new home.

By now, you should have a clear idea of how long it will be between closing the sale of your current home and when you can move into your new one. If you didn’t have any luck negotiating enough wiggle room in the sale of your home, you may need to find a temporary place to stay and store your stuff (which may include budgeting for rent).

From here, you’re ready to focus on finding your new home. Once you’ve determined your down payment and have gotten pre-approved for a mortgage, the steps are very straightforward.

Go house hunting. Submit an offer. Get a home inspection. Close on your house!

Opinions are my own and not the views of eXp Realty.