Selling your house and buying a new one at the same time can be a daunting task. It can be especially daunting when interest rates are high or inventory is low. But, with the right agent, planning, and approach, you can successfully navigate the market.
Here are 8 things to know to help you sell your house and buy a new one at the same time:
1. Work with a real estate agent.
Working with a knowledgeable and experienced real estate agent can help you navigate the market and ensure a successful sale and purchase.
As your realtor, I will help you price your house appropriately, market it effectively, and negotiate on your behalf. I also help you negotiate a fair price, terms, and repairs or closing credits if needed.
2. Get Pre-Approved for a Mortgage First.
Before listing your home, obtain a mortgage pre-approval to determine your budget for the new home. Shop around for competitive rates.
I have a list of trusted lenders I’ve worked with and will provide the information they may need about your current home. If you’re moving to another state, I’ll connect you to an expert agent in that area from my national network.
3. Know the market.
Before listing your home, it is important to know the local real estate market. Knowing the market will help you price your home appropriately.
We’ll review a report of comparable properties, market data, and pricing strategy at your listing consultation. We’ll discuss how quickly it is likely to sell as-is, with some repairs, and/or with staging. Pricing appropriately is important to help you sell on your timeline and make the most of your investment.
4. Time your sale and purchase carefully.
Timing is key when it comes to selling your house and buying a new one at the same time. Ideally, you want to sell your house before you buy a new one. However, this is not always possible and comes with the logistical challenges of finding a place to stay between sales.
I’ll help with the logistics to make your move as smooth as possible. For example, I can negotiate for you to stay in your home for additional time after your sale closes. This is called a rent-back period and is relatively common and often free. If you need to buy a new home before selling your old one, speak with me and your lender about your options.
5. Have a backup plan.
Even with careful planning, there is always a small chance that something will come up. Sales fall through and other things can happen to cause delays.
I strategize your backup plan with you. Having a rental property or temporary housing booked in case you need to bridge the gap between selling your old house and buying a new one is helpful.
6. Consider renovation and staging.
You should always consider renovating or staging your home. This always results in getting you a higher price and quicker sale. A fresh coat of paint, new fixtures, and decluttering can go a long way in making your house more attractive to potential buyers.
When you choose to list your home with me, you’ll be given design and repair advice in your budget. I’ll provide a to-do list to prepare your home and references to contractors, stagers, cleaners, and movers.
7. Prepare to negotiate.
In a high-interest rate market, buyers may be more hesitant to make offers. Prepare yourself to negotiate on price and other terms to ensure a successful sale and purchase. Keep in mind that both parties want to make a deal, so be flexible and open to compromise.
We’ll review each offer thoroughly. I’ll navigate you through the negotiations to ensure you’re getting a fair price, making reasonable concessions, and meeting your goals for the sale.
8. Make a Strong Offer.
When you’re selling first and then buying, you might have challenges to overcome on the buying side such as finding a home at the right time, making contingent offers, getting your offer accepted, and closing in time to move from one home to the next.
Writing a strong offer that will get accepted in a multiple-offer situation is key. I’ll work with you to craft the perfect offer within your budget, on your timeline, and with terms that will stand out to a seller and their agent.
Selling your house and buying a new one at the same time can be challenging, especially in a high-interest rate market. But with the right planning and the help of your realtor and lender, you can successfully navigate the process.
If you’re thinking about making a move, I can help. Give me a call or text to get started or you can read my bio, and testimonials, or find me on Instagram to learn more about what it’s like to work with me.
