Your Guide To Buying a Home While Selling
Follow these tips to successfully buy and sell a home at the same time.
It’s not unusual for people to want to buy and sell at the same time. The money you receive from the sale can be used to purchase the new house. It sounds easy, but there are some things you need to take note of if you want to succeed. Today I’ll cover the different options you have as a seller so you can smoothly manage two transactions at the same time:
1. Your Realtor should know the market. Make sure your Realtor is updated on what’s happening in the market where you plan to purchase. They should be able to tell you if there are multiple offers in that area and give you advice on whether you have to be aggressive or wait a while.
2. Ask your Realtor to research your neighborhood. Is your neighborhood in high demand? Are multiple-offer situations common in your area? How does your home compare to the other listings in the market? These are just some of the questions you need to ask your Realtor.
"Start your search for a new home while preparing to sell your current house."
3. Find out if you can get a rent-back. You also need to know if a lot of the sellers in your neighborhood are getting rent-back agreements.
4. Don’t procrastinate. While preparing to put your home on the market, you should start the search for your new house so you can at least narrow down a location.
5. Talk to a lender. A lender can help you figure out how much purchasing power your have, even if your house is not yet on the market.
Following these guidelines will help you have a less stressful time when simultaneously buying and selling. If you need more tips on closing two transactions, or have any real estate concerns, don’t hesitate to call or email me. I’ll be happy to help!