In the real estate world, there’s nothing quite as complicated as buying and selling a home at the same time. You have to worry about making sure your house is always in showing condition while you go to see houses themselves. It’s a lot!
We want to help you make it through this experience with as little stress as possible. Here are 4 tips for buying and selling property at the same time without getting overwhelmed (too much at least).
4 Tips for Selling and Buying Property in 2021
A challenging part of buying and selling is that you need to decide if you really have to do both at the same time. We recommend that you look at your current situation and determine if you have the funds to cover the bills and mortgage for both properties until the old home is sold. You need to determine if it would be in your best interest to sell now, find a temporary rental, and then start your house hunt.
It’s a highly competitive seller’s market and you are going to be up against countless other qualified buyers – some of which are even willing to go above asking price. This is why you need a real estate agent on your team to help you navigate the market.
To find a realtor, you’ll want to do some research and look for agents that have a proven history of working with clients in a similar position as you. Don’t be afraid to ask them for a meeting before hiring them because you’ll want to make sure personalities vibe well together and you’re confident the chosen agent will work with your best interest at heart.
Everything about real estate circles around money. We mentioned that you need to look at your finances to see if you could afford the bills for both properties if push comes to shove. However, if you’re buying a house, you need to make sure your credit score is on par with the loan requirements. You need to make sure you don’t make any large purchases (like buying a car or maxing out a credit card). You also need to get a pre-approval letter because that will determine your budget and show sellers that you are a solid contender to buy their home.
If you decide that you’d like to sell your house before starting to look for a new one, you’ll need to iron out the details about where you’ll live next. You could get a rental that has a month-to-month lease or you could ask the buyer if they’d consider allowing you to continue to live in the house while continuing to pay the mortgage for that duration.
Keep your expectations in check
Today’s real estate market is overrun with qualified buyers but not enough inventory to satisfy that demand. Real estate agents share their thoughts regarding the future and they predict the market will continue to favor sellers for the foreseeable future. With this prediction in mind, perhaps you may find that it would be in your best interest to sell first. After all, your house could spend very little time on the market and you could receive multiple offers – some of which are even above asking.
Whatever you decide is best for your family, you should keep your expectations in check. You can’t expect that you’ll find a house and sell yours in quick succession. It will take time, especially if you’re in a high-demand area. This is going to be a challenging experience, but once you get the keys to your new abode, it’ll be worth it!