How can you effectively sell your home and buy a new home at the same time?
That is a big concern in our market right now, as the market continues to be very competitive. Buying a home can be a challenge, so many people are scared that they won’t be able to find their next home.
However, I have four tips to help you avoid stress, prevent letdowns, and make the process smoother:
1. Identify the area you want to move to and narrow down criteria for your next house. After your current home is under contract, you don’t want to spend time trying pin down where you want to live next. Do your homework up front and know where you are headed next before listing your current home.
2. Negotiate a rent-back on your current home. Sellers can negotiate a rent-back from the buyer and stay in their current property for 30, 60, or even 90 days while they purchase their next home. We’ve even been able to negotiate a rent-back at no cost to the seller because their property is in such high demand. As a seller, the rent-back allows you to move at a smoother pace and find your next home. “You don’t want to fall in love with a home that you don’t have the ability to purchase.”
3. Do not submit offers too soon. I’ve seen people get let down so much in this market. Some sellers make the mistake of trying to find their replacement property the minute their home hits the market or before they even get an offer. You don’t want to fall in love with a home that you don’t have the ability to purchase. You need to know when the time is right to start actively submitting offers on a new home.
4. Submit a really strong offer. Once your current home is under contract—and basically already sold—you can go out, find a home, and submit a really strong offer. Right now, we have a seller who got their home under contract and is ready to close escrow on their new property next week. The seller accepted an all-cash offer on their home, which allowed them to become a cash buyer. So, even with some contingencies in the contract, their offer stood out because they were able to buy the replacement property with cash.
If you have a strategy and an experienced agent to guide you, then you can buy and sell a home at the same time—even in this hot market.
If you have any other questions, just give me a call or send me an email. I would be happy to help you!