Buying a home is a stressful situation. So is selling your home.
Sometimes both those stressful situations end up occurring simultaneously. And if you don’t know what you’re doing, you could really end up losing your mind and your budget.
It’s important to learn how to proceed so that you end up making great decisions. And keep your sanity.
Luckily, we’ve got you covered. So take notes because you’re about to learn how to buy and sell a home at the same time.
How Do I Prioritize When I Need to Buy and Sell at the Same Time?
Before you take any steps at all, you first need to understand what is most important to you. So sit down and make a list of what you want as both a buyer and a seller. Also, jot down any questions you have.
The more you research the real estate market the easier it will be to find exactly what you’re looking for.
You’ll need answers to questions like:
- What is my current home worth?
- What are my expectations with selling my home?
- What features do I want to have in my new home?
- If I sell first, do I have a temporary space I can live in?
- What are the differences in getting a mortgage if I need to buy first or sell first?
- What are common bumps that I may encounter during either process?
The more you know about what to expect the easier the process will be. It’s also a much easier process when you know what you are looking for before you begin.
Know what you’re okay with being flexible on and when to set boundaries to ensure you end up satisfied with either transaction.
Of course, you can’t choose what type of market you’re in.
What to Expect When You Buy in a Seller’s Market
If you have to buy when you’re in a sellar’s market, here’s what you can expect.
- The inventory will be low
- Your offer will probably be one of many
- Your contingent offer may not be viable
However, not all is lost. There are a few options available to you. You can:
- Buy your new home first. This is only an option if you have the funds available to do so. Remember you may need temporary housing in this situation.
- Rent back your home from the new buyer. In a sellar’s market, you may be able to rent your home for 30-60 days while you search for a new home.
- Delay your closing. This only works in a sellar’s market if the buyer was approved by the underwriter and the buyer is willing to wait.
When you buy and sell your home at the same time, there will be times when you will feel overwhelmed by all the information and decisions you have to make. Before you panic too much, remember to:
- Take it one step at a time: Taking baby steps and focusing on what you can do next will help you feel more in control.
- No FEAR: Expect that the process may have bumps in the road. When they do, take deep breaths and tackle one thing at a time.
And contact the professionals here. We’re here to answer your questions and help you sell your Florida home or find the home of your dreams.