Despite feeling eager to move out of your current address to start a new life elsewhere, you might wonder how you can sell your existing property while buying a new one. The prospect of putting your home on the market while finding a new home might sound daunting. However, with a little know-how and the right help, the process can feel a breeze from start to finish.
Don’t allow the complexity of the process to stop you from receiving the keys to your forever property. Read these six tips for selling and buying a home at the same time.
1. Understand the Local Housing Market
The real estate market in your current and desired neighborhoods is a must consideration. It doesn’t matter if you’re moving to a new town, state, or country; you must gain an in-depth knowledge of the current real estate market conditions.
Timing is everything when selling and buying property. It is crucial to consider the length of time it will take to buy or sell your home to ensure you don’t become temporarily homeless or drain your finances on two mortgages.
2. Identify If You’re in a Buyer or Seller’s Market
You may have heard the terms buyer’s market and seller’s market, but you might not be sure what they mean. Yet, the market will not only determine how long it may take to receive an offer on your current home or have an offer accepted on a dream property, but it will shape your timing between moving out and moving in.
3. What’s a Seller’s Market?
A seller’s market is when a marketplace has more buyers than homes. A seller’s market is great when putting your home up for sale, as you may quickly receive an offer for its asking price or above it.
However, if you are buying a house in a seller’s market, you could ask to rent the property until you have found the property of your dreams.
4. What’s a Buyer’s Market?
A buyer’s market is when the marketplace has more homes than buyers. It’s ideal for buyers, as they may find it easier to find a new home, as they will not need to compete with as many people to secure the property. Also, a seller is more likely to accept a contingent offer, which is when they will allow you to sell your home before purchasing their property. Alternatively, you could request an extended closing date to give yourself time to find a new address.
5. List Your Home with an Attentive Real Estate Agent
An experienced real estate agent will know the ins and outs of the market and are worth their weight in gold when it comes to marketing, property offers, closing dates, sales contingencies, and more. Don’t underestimate how valuable property experts can be when selling and buying a property at the same time.
For example, if you’re selling and buying a home in Ontario, you would be wise to familiarize yourself with the best realtor Orangeville and their listings. With an experienced and attentive real estate agent’s help, you could expertly market your home for a faster sale and find your forever property at a quicker rate.
6. Buy and Sell in Spring and Summer
As eager as you might be to say goodbye to your current address, you shouldn’t rush the selling and buying process. If you do, your home could spend a long time on the market, and you might struggle to find the perfect property to suit your budget and needs. For instance, avoid selling and buying property during winter, as the season can be slow for buyers and sellers.
Wait until spring or summer to put your home up for sale and make an offer on a new address, as you might receive multiple offers and be able to choose from many listed properties that better match your wants and needs. The sunnier seasons are often more popular as families are more likely to want to move home outside of the school year or when the weather is dry and warm.
7. Consider Your Financial Options
You will have different financial options when buying and selling a property simultaneously. If you cannot secure a contingent offer, an extended closing date, or the option to temporarily rent the property once you have sold your home, you will be pleased to know other financial solutions are available.
For instance, you could apply for a short-term bridging loan from the bank to cover your down payment costs until you have sold your current home. If you do not depend on the sale of your existing property to cover a down payment, you could rent the property to one or more tenants, but you will need to commit to two mortgages unless you have already paid for your current address.
Another option is to sell your home to a buyer and then rent a house or book a hotel until you have secured the keys to a forever property. A loved one may even allow you and your family to stay at their address until you have an offer accepted, but you will likely need to place your belongings into storage.
8. Organize Home Staging
Once you have found a dream property, you will want to secure it as fast as possible. Yet, selling your current home might stand in the way. Speed up the selling process with home staging, which means creating an attractive, clutter-free home that people can imagine living in each day.
To do so, you must place many personal items into storage to declutter the space before taking listing photos and videos or welcoming house viewings. People will struggle to imagine life inside your property if it is full of family photos, trophies, memorabilia, and other belongings. Place all personal items into a storage unit to depersonalize the property, increase floor space, and shine a light on your home’s best features.