Our three-step strategy for buying and selling at the same time.
If you own a home and are looking to buy a new one, should you buy or sell first? Let’s go over both options today.
If you try to buy first, you’ll likely need to make an offer that’s conditional to the sale of your house. In today’s market, when sellers are getting 10 to 20 offers on their houses, that is not a strong offer and you won’t be able to close on your house.
Let’s go over the other option. If you sell first, you run the risk of being homeless. In the end, what’s the answer? Should I buy or should I sell first? The answer is both. When it comes to selling your current home and buying a new one at the same time, there are three points to keep in mind:
1. Plan. To save you stress, your plan should start four to six months in advance. We also like to communicate early on in the process to make sure that you’re well aware of everything that’s going to be happening. Planning ahead will give you plenty of time to prepare the home for sale—and you never know when your perfect new house is going to be available on the market.
2. Commit. Juggling both transactions can be extremely stressful, so you need to commit. Luckily, we help two to three families every month go through the same process so you can lean on us for support. Part of the commitment is to get educated on the process. When our clients go through it and they are not educated, it hits them with surprise and creates a lot of anxiety.
3. Execute. You need to make sure that you understand the contracts. For our part, we sit down with our clients, and we walk them through every step so that they have no surprises. Sometimes we’ll tell you something you don’t want to hear, but always remember that we have your best interests at heart. It helps to think about why you’re moving once again. Is a new baby on the way, meaning you need to make more room? Maybe the kids have left the home and the house is too big to maintain. Don’t lose sight of why you’re going through the process.
If you’re planning on selling and buying a new home, please reach out to us as soon as possible so that we can start forming a plan together. Please don’t hesitate to reach out with any other questions you might have about real estate. Email us, call us, or of course, you can always text me at 514-917-6284.