Tips for Selling and Buying a House at the Same Time
August 24, 2016 4:54 pm
Selling and buying a house simultaneously comes with a lot of stress, especially for those who are unprepared for what the experience entails. There are many important decisions to be made and finances to handle, so having the assistance of a Levine Homes agent can be invaluable. Here are some essential tips for buying and selling at the same time.
Research the Market
Is the current market in favor of buyers or sellers? This is likely to impact your decision on whether to buy first or sell first. It also has a direct effect on how much you are likely to sell your current home for and the cost to purchase your new house. Understanding what the market is currently up to can help you strategize your approach to selling and buying. In a buyer’s market, it can be a good idea to sell first.
Coordinate Closing Dates
The toughest decision is deciding whether to buy or sell first. If you buy a home first, you have plenty of time to move out of your old home, but you’ll also have two mortgage payments in the meantime. If you sell first, you save yourself some financial stress, but you might have to store your belongings and rent a residence until you find a home to buy. There are various solutions to help you through either scenario. Bridge loans can help you cover two mortgage payments, and a rent-back agreement can extend your stay in your home after it sells for 60 to 90 days with compensation to the buyers.
Get Help From Real Estate Professionals
Real estate transactions can seem confusing, but luckily our agents understand a lot about how to buy and sell a house at the same time. Let us help you learn about the current market and your financial options for getting through this chaotic time. Contact us at 310-796-9088.
