How to Buy and Sell a Home at the Same Time
Did you know that 40% of Americans consider buying a home the most stressful and nerve-racking event in life? Throw selling a home at the same time into the mix and the stress and nerves can feel a little more like panic. But with the right team in your corner and a handful of life lessons guiding your next move, you can transition from old home to new with the least amount of friction along the way.
Buy your new home first.
There’s one obvious downside to buying your new home before selling your current one: the risk of paying two mortgages for the indefinite future. However, there are upsides to buying your new home first, giving you reason to consider pumping the breaks before you hurry to close on your new home and sign on the dotted line.
In a seller’s market—like the one we’re in now—waiting to sell your home could mean earning more profit. Low housing inventory and high buyer demand mean time is on your side when negotiation wars ignite. Besides, homes can sell within days in a seller’s market, which lowers the financial risk of buying first and selling second. Also consider the extra layer of insurance: you get to stay in your current home if something goes wrong with the purchase of your new home.
Buying before selling, however, isn’t always the best move. That’s why it pays to work with a real estate agent—especially one who can represent you as a seller and buyer—who can advise and guide you through the process of buying and selling at the same time. The right real estate agent knows how to streamline communication and coordinate the moving parts along the way.
Figure out your finances.
Few things halt the home buying process faster than a buyer unable to figure out their finances. That’s exactly the reason to get your home loans, mortgages, and financial products in order before you even begin the search for your next home.
Begin with a reasonable budget and realistic expectations. Discuss your income and expenses with a mortgage banker or financial professional and work out the numbers that work best for you.
Figure out your income and expenditure and start talking to banks and financial institutions about how much you can afford. Think about the circumstances unique to your situation. (Since you are selling your own home, you might need less capital than a first-time buyer).
Find the right mortgage banker.
A good banker secures a mortgage with competitive down payments and low interest rates. A great banker guides you through the process every step along the journey of buying and selling at the same time with open communication and exceptional customer service. The bottom line: finding the right mortgage banker can save you more than just money—including time, headaches, and stress.
Destress and decompress.
The idea of buying and selling at the same time can fast track you into full blown stress mode. (Many Americans put the process before marriage, divorce, and death on the stressful life events list.) However, much of the process can unfold without a hitch—no matter how many horror stories you’ve heard before.
Finding the right property, mortgage banker, and home loan puts the toughest parts behind you. The rest is often straightforward. So, take a deep breath and keep a calm head as you embark on one of the greatest—and most positive—transitions in life.
Start with a quick getaway from the stress of a full-time job. Ask your boss for a personal day or two to sort things out. Next, get some exercise to release those feel-good endorphins and download a mindfulness app on your smartphone to calm those loud, stressful thoughts. And if the stress gets too intense to handle, call your real estate agent for advice, guidance, and answers to the questions that keep you up at night.
Scope out the neighborhood.
Ask any reputable real estate agent: a little homework goes a long way in getting the most from the purchase or sale of a home. And part of doing your research means scouting out the local area where you plan to move. From figuring out the public transport options for your daily commute to familiarizing yourself with the local stores, restaurants, and amenities, your goal is to get a taste of life in the community you plan to call home.
Buy and sell a home with Team Rita on your side.
Ready to buy and sell a home at the same time? Contact us today to search our database of local inventory, schedule an open house, or explore our featured properties for sale.