Learn how to sell your current home and buy a new one simultaneously.
Due to our hot seller’s market, a lot of homeowners have been thinking about listing their properties. However, there’s one issue stopping many of these potential sellers: They don’t have another place to live. Fortunately, there are several ways you can buy a home while selling your current one at the same time. Here’s what you can do:
1. Buy a new home first: If you’re in the financial position to do so, you can use your current home’s equity to buy a new house. This then gives you plenty of time to sell your old home. Many people are going this route because they find out their current home has far more equity in it than they thought.
2. Sell your current home first: It takes time and effort to fix up your home and put it on the market, but it’s well worth the work. However, you’ll still need to buy another home after your sale, and this gives most buyers a bit of anxiety. To avoid ending up without a place to live, sellers can negotiate a leaseback to stay in their home for a certain amount of time. This gives you enough time to find another home, and it also helps you avoid making contingent offers on your next house.
3. Buy and sell simultaneously: You can write an offer that’s contingent on the sale of your current home. This isn’t common in our current market because the risks are high for both the buyer and seller.
If you’re ready to start the buying and selling processes, feel free to reach out to us with any questions you may have. We’d be happy to help you with all of your real estate needs. We look forward to hearing from you soon.
