How to Sell and Buy a House at the Same Time
One of the riskiest parts of selling your home is that whole “finding a new place to live.” Wouldn’t life be so much easier if life guaranteed home sellers a buyer and an ideal new home with a guaranteed acceptance of a fair offer, all at the same time?
Unfortunately, the process doesn’t quite go that swimmingly all too often. For example, when a hot real estate market has led to shrinking inventory, you might easily and quickly find a seller and struggle to find a suitable place.
Still, things move quickly in real estate, and it’s possible to maximize your chances of selling your home and buying a new one; people struggle alone with the aspect you may work in a sale. Buying one is already overwhelming. You need to go in-depth on how to get both done.
Shore Uin-dept New Home Fund
According to a HomeLight survey, 24% of sellers decided to sell their homes due to rising prices, while 33% considered selling their homes for three months or less before listing them on the market. Unfortunately, many sellers haven’t had much time to gather the funds they’ll need to buy a new home while they wait to close on the home they’re selling.
If you’re planning to buy a new home while also selling, give some thought to how you’ll sock away a down payment for yourself. You won’t see your sale’s proceeds until closing, which might put a hiccup in your plans. One way to skirt this challenge is to sell your home for cash to a professional purchasing company. You can generally close faster and get your whole portion in cash. Although you might take a slight hit in the total purchase price, that’ll still leave you more liquid so you can close on the new home you’re buying.
Skip Pricey Repairs
You can save money and finalize your new purchase by selling your home as-is. You can avoid investing substantial funds into your current home to appeal to purchasers and target buyers who plan to do their work. DIYers, flippers, and professional buyers. You risk turning off other potential buyers, but you’re more likely to connect with well-funded individuals and be ready to close.
If there’s visible damage anywhere, do your best to take care of it. Don’t skip the cleaning, decluttering, and minor staging steps before you have photos taken of your home for listing. These tasks don’t require a lot of money or time but can boost your home’s listing.
Rely on Your Agent
The secret weapon for any seller who needs to close quickly and buy a new home simultaneously is an experienced local real estate agent. Once you’ve found that realtor, rely on their expertise and input, they’re familiar with your local market, know what prospective buyers want (and what they run away from), and are best positioned to help you navigate the process as quickly as possible.
Price Your Home to Move Quickly
If timing is an issue, talk to your realtor about how best to price your home. Even in a hot market with many motivated purchasers, you might not want to set your asking price too high. On the other hand, undercutting the average can attract more ready buyers who have the funds to close quickly. Then you can accept the offer with the fewest contingencies, which will allow you to close faster.
In conclusion to this article, no matter if you have to sell your home on time, there is always a way to get it done better. First, when selling your home, make sure the price is suitable for the money and not an obscured number. Make sure you are not focused on making costly repairs in your home. It will eventually eat big-time into your profit. Finally, if you are looking to buy houses rely on your agent and their knowledge of the real estate market.