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Buying And Selling A Home At The Same Time
Imagine finding the perfect home the same week you receive an offer on your current one. While this is the ultimate goal for those who are buying and selling at the same time, the truth is not everyone gets so lucky.
In order to avoid becoming temporarily homeless or paying two mortgages at once, simultaneously buying and selling a home requires careful planning and just a little bit of luck. While it may seem like an intimidating process, our real estate agents have helped many clients accomplish it. Here are some tips to help you through the planning process:
- Evaluate The Real Estate Market
The current state of the market can help to inform your strategy. If it's a hot seller's market, then you likely want to start your home search early under the assumption you can likely sell quickly when you need to. If it's buyer's market, you may want to get a jump start on listing your home. Don't forget — the state of the market can vary by location, so be sure to pay attention to the trends in your city. - Get Your Finances In Order
Setting a budget for your new home and estimating your return on your current home are both important steps. You need to make sure you have enough cash on hand to fund your down payment and closing costs. If your money is tied up in your existing property, you may consider a home equity line of credit or a 401K loan as ways to get cash out quickly. - Choose The Right Real Estate Agent
When buying and selling at the same time, lean on your real estate agent to help manage the logistics. While it can be tricky to align the timing of both transactions, your agent knows what levers can be pulled to extend or shorten timelines as needed. Finding the right agent can go a long way towards making the process easier. They can even prepare a list of Suffolk County homes for sale that meet your criteria. - Start The Process Several Months Early
To increase your chances of aligning your closing dates, give yourself plenty of time to tackle the time-intensive parts of the buying and selling process. Take the time to declutter and stage your home while also making any necessary repairs and upgrades. At the same time, make sure to get pre-approved for a mortgage, define your budget, and decide on the right location for your new home. By managing this ahead of time, you can be better positioned to move quickly once the time comes. - Don't Be Afraid To Ask For A Home-Sale Contingency
A home sale contingency makes your offer contingent on the sale of your existing home. While these aren't common during hot seller's markets, we do make a comeback when the market slows down. These contingencies are a good way to buy yourself some extra time to sell your home.
With the right approach, buying and selling at the same time is certainly achievable. Contact us to start the process today.