The process of buying and selling a house at the same time can be complicated. The dreaded property chain can cause chaos, tripping you up at the last minute. Selling your home without a place to go is definitely scary, but buying a new place without knowing if you can sell your current home is not only scary, but carries a significant risk.
The good news is that you’re not the first person to do this! Here we take a look at the steps involved and how to make sure things run smoothly. Consider this key information on how to buy and sell a house at the same time.
The process can sometimes feel overwhelming but keep in mind that the current market conditions has a significant impact on your decision…
Evaluate the local housing market
The state of the real estate market in your area is often the biggest factor in timing your home purchase and sale correctly. Knowing what kind of market you’re in is important whether you’re just moving across town, or if you’re moving across the country. If you’re selling in one market and buying in another, you’ll need to factor that into your timing. The length of time it takes to buy and sell can vary dramatically depending on the local real estate scene.
What is a buyers market?
In a buyers market, there are more homes available than people looking to buy. In a buyers market, you’ll likely have an easier time finding your new home than you will selling your old home. Sellers may be willing to accept a contingent offer, which means you agree to purchase their home contingent on selling yours first — more on that later.
What is a sellers market?
In a sellers market, there are more buyers in the marketplace than there are homes available. In a sellers market, your current home will likely sell more quickly than you’ll be able to find a new home. Consider asking your buyers to do a rent-back after closing to allow you time to find your new place.
Choose an experienced real estate agent
Buying and selling at the same time can be complicated and at times overwhelming, so it’s helpful to have a pro by your side. An experienced local agent will not only be able to help you determine the market value of your home, but they’ll be able to talk you through timing, strategy, and negotiation. Whichever path you take, remember that you have options. So if you’re planning to make a move now, Send us a DM to discuss and let’s get you started!
