Tuesday, February 12, 2019 / by Amber Tice
Either buying or selling a home can be extremely stressful, it can be even more overwhelming if you are trying to do both at the same time; a balancing act for sure! The good news is that this happens all the time, especially in this hot sellers market, and by following a few simple tips, both buying and selling can be a seamless process.
Tips for Buying and Selling at the Same Time:
Buying and selling a home at the same time is all about timing. One of the most important things you can do is research the real estate market. Are you selling in one market, and then buying in another? It will be extremely important for you to know each of those markets in order to time each sale properly. While you can’t completely control everything that happens during the sale of a home, doing your research ahead of time will take some of the headache out of the process.
Before you list your home for sale, why not start packing now? Take personal items and excess furnishings and pack them up and move them to storage. Not only will your home look larger and neater, you are getting a start on the move. Buyers love a clean, open space. Give them what they want in order to create buzz around your home, and you’ll receive an offer before you know it. In the event that your home sells quicker than you can find a new one ( in a sellers market like the one in Spokane this is bound to happen) consider asking the buyer to do a rent-back. This means after the sale is closed, you and the new owner agree that they will rent back the property to you for a certain amount of time while you are search for your new forever home.
Next, make sure your agent, understands the timeline and requirements. There are many standard contingencies which can protect you from owning two homes at once, or none at all. Not only can the purchase of your new home be contingent on successfully closing on your current one, but you can also reverse the process and ensure you find a replacement before the close as well.
Don’t forget to also understand your own finances. Make sure you’ve reached out to your lender and financial planner in order to get a clear picture on what you can afford. How much equity do you have in your home? Your agent should be able to to help you find out the resale value of your home as well.
Finally, get the entire family involved. Be excited about the change and create a moving plan in which everyone has a task and there is a plan for the move itself. By taking a few initial steps, moving can be fun and easy!