So you want to sell and buy your next home simultaneously. Wait! What? That's the kind of reaction you're likely to get from some of your home-owning peers because buying and selling your home, all at the same time, is a monumentally daunting task.
But is it even possible to buy and sell your home concurrently? Believe it or not, it is possible! And it doesn't take magic. Sometimes, it's might even be advantageous to do so. For instance, if you don't want to get stuck paying two mortgages.
Here are a few tips to help you with the stress overload that comes with buying and selling your home at the same time.
Have realistic expectations.
We all love it when the stars align in our favor, but it doesn't always happen. When you're buying a new home, it's important to have realistic expectations about the process. The same goes for selling your current home. Be aware of the potential headaches, deal-killers, and delays that can arise with a simultaneous sale and purchase process. By understanding what could go wrong, you can better prepare yourself for either situation and make the process as smooth as possible. The right agent can help guide you through the entire process.
Get pre-approved for a mortgage.
It's no secret that house hunting isn't an easy undertaking. Now throw in trying to coordinate with different agents while getting your finances in order, and it starts to feel like stress on a whole new level! One of the most important things to do before starting your house hunt is getting pre-approved for a mortgage. This will give you a good idea of what you can afford. It also helps speed up the process once you find the right property. There are many types of mortgages available. So be sure to work with a reliable and trusted lender to help you find the right fit for your needs.
Price your home correctly.
When buying and selling a home simultaneously, it is crucial to price your home correctly from the get-go. It's a common pitfall many concurrent home sellers and buyers encounter because if you price it too high, you may not be able to sell. If you price it too low, you may not get as much money as you would like to finance your next house. You can do several things to ensure that your home is priced correctly. First of all, look at similar homes in your area to see what they are selling for. Next, consider how long it will take to sell your home. Finally, take into account the current market conditions. By doing all of these things, you can make sure that your home is priced fairly. Remember, a real estate agent can do all of this for you and more to make the process as seamless and stress-free as possible.
Avoid emotional attachment.
No matter what your plans are, don't get too emotionally attached to your current home or the one you're buying. Why? It could lead to some really poor decision-making. You might end up overspending on your prospective home or not getting the best deal out of your current home. All because you're emotionally attached to both properties. Don't get so invested in the idea of owning a home that you miss out on an excellent opportunity to make a good return on investment on your current home. Just be a little more pragmatic when deciding when to pounce on a deal for a new home and when to let go of your current one. Keep your emotions in check and make intelligent decisions. It'll be worth it in the long run!
Be prepared to compromise.
It's always important to be prepared for a compromise, especially when buying or selling a property during times of high demand and low inventory. When the market is hot, you may need to compromise on certain things. Compromise goes a long way when looking to sell your home or purchase the home you've been eyeing. Remember that this doesn't mean you have to give up everything important to you. Just be willing to work with the other party on some key issues. This could mean accepting a lower price than what you initially asked for. It could also mean being flexible on the closing date and being open to negotiations, provided both parties come out feeling like they've won.
The truth is, there are many things to consider when buying and selling at the same time. You'll be navigating the market as both a buyer and a seller, so it's normal to experience a few ups and downs. If you have questions about buying and selling your home at the same time in New England, our team of experts at CENTURY 21 North East can work with you to ensure your experience is a positive one. Don't hesitate to contact us!