Entering a hectic real estate market is never easy – neither for the seller nor the buyers. But what if you have to be both? That seems like a double trouble, and, to be honest, it is. There are twice as many things to do and two fronts to focus your forces on. However, it’s not impossible. Let us give you some essential tips for buying and selling a home at the same time.
Get familiar with the market
The first thing you want to do before even stepping foot into the world of real estate is to check out the current market. Depending on various factors, which in the end, influence the supply and demand chain, some markets may be more beneficial, while others are better for the buyers. You might be wondering why it is important to me. You’re going to be both seller and a buyer anyway. However, despite how it appears at first glance, getting familiar with the market might be even more crucial for you
Don’t expect perfection
In the ideal world, you’ll put your home for sale at the same time you start looking for the perfect house. After a short period, you’ll sell your home for a great amount of money just in time to find your new dream home, and your equity will be enough to win the bidding wars. But, this is rarely the case, a kind of a real estate unicorn situation, if you will. What’s more likely is that the stages of selling and buying will go at two very different paces, depending on whether we’re in a seller’s or buyer’s market at the moment. That’s why it’s essential to get to know the real estate climate before you go outside in the wild.
Don’t start without a good real estate agent
Since you’re going to do a job for two people, you might as well bring someone experienced to your team, right? A knowledgeable and reliable real estate agent is imperative if you want to efficiently buy and sell simultaneously. And it’s logical to bring an agent on it – it’s what they do daily. Besides being masters of explaining the local market (which you’ll need anyway), they know how to notice little fluctuations that you can use to your advantage. Also, they can give you advice on the following:
They will explain how to set everything up for the win
Don’t waste time bugging yourself about staging your home for an open house. Ask trained experts and soak in all the advice! They know what buyers want and what will sell in no time. A real estate agent can point you to some other open houses that you can learn from. Also, they can suggest other experts in the fields they are unfamiliar with. For example, they can point you to the best movers.
That way, when the time comes, you’ll be ready to move and won’t lose money or patience on some last-minute option. For instance, you can also let experts give a hand in packing for your Virginia move, so you can focus more on what you need to do.
Check all your financial options
The most significant determinant of the course and pace of this process is your financial status. Before entering the market, you need to know your assets. First, bring someone to set a fair price on your current home. After that, you can set the desired budget for the purchase. Then, check your equity (the difference between the price you’ll get for your home and the mortgage you still need to pay) and see the correlation between the price you need to pay for your new dream home and what you have.
Desires are one, but financial status is essential for buying and selling a home at the same time.
If the difference is too broad, what then?
There are a few good options you can consider. One option is going to a mortgage lender and discussing whether you’re a good candidate for handling a second mortgage to your name. But you need to consider this one carefully – there is also a personal component to handling debt. On the other hand, you can also consult with a professional about improving your home to increase its value. When everything comes in place, you’ll know whether you want to first push on the seller’s or buyer’s part of the process.
Don’t rule out renting as an option
As we mentioned, if you are buying and selling a home at the same time, you’d practically be a real estate unicorn. So, if an opportunity comes up and you get a great offer to sell but are far from finding your ideal next home, don’t turn it down! Find a rental option that works for you that will be your ”transition” home while everything settles down. This scenario will make your financial part of the process easier. You’ll know how much money you’re working with, and you’ll be able to proceed with step two and all those relocations with no stress and feeling of urgency.
Buying and selling a home at the same time is never easy
The thing about buying and selling a home at the same time is that no matter how much you prepare and do everything by the book, there will always be some bumps in the road that you’ll need to deal with. It’s hard enough to predict one course of process, but it might seem impossible at times when you need to do it both ways. But don’t feel discouraged! If you use these tips, the whole process will be a lot easier. And, of course, we’ll always be lurking from the fields of the Internet, waiting for you to ask for advice.
