The buying and selling processes are very different. With so many moving parts, buying or selling a home can be extremely time-consuming and tedious. In many cases, the need may arise to buy and sell a home simultaneously. Though this may sound complicated, it can be done without significant hassle if you think ahead and plan strategically.
Do the Prep Work
When preparing to sell your home, it helps to start the process by decluttering and beginning to pack away things you don’t use daily. This is a great time to have a yard sale or donate items you don’t plan on taking with you. Once you’ve decluttered, hiring a cleaning service to deep clean your home will help give the best impression possible in listing photos.
Finding the right people to help you get started is crucial. A realtor can help you sell and buy your home, but depending on the location you are moving to, you may need an additional realtor referral. A lender is also needed if you plan to finance your home. In the preparation phase, it is recommended to go ahead and secure a pre-approval before beginning your house hunt.
Consider the Market
The perfect—and most financially beneficial—scenario would be to sell in a seller’s market and buy in a buyer’s market. In a seller’s market, you can sell at a higher price, but if you buy, you will pay more (and vice versa). Though you won’t always be able to buy and sell at the most opportune times, your realtor and lender can help you determine timelines and next steps based on your financial needs.
Decide Whether to Buy or Sell First
Ideally, you would schedule same-day closings for your home sale and purchase, allowing you to move out and in on the same day without a lapse in housing. Unfortunately, that can be difficult to align perfectly and may not meet your financial needs. Will you need the funds from your home sale to fund your home purchase? If so, it may be wise to sell first and then purchase your home after closing so that you aren’t stuck paying two mortgages. If not, purchasing first may be more beneficial, especially if you prefer to take your time moving and prefer not to have a lapse in housing.
Talking with a lender will help you decide what your financial situation is and what your options are. Your realtor can then help coordinate the timing of buying and selling so that you can move forward in the right direction.
Finding the right team is vital to successful transactions when buying and/or selling your home. Our team of expert lenders at Coastal Custom Mortgage can provide clients with customized loan solutions that meet their specific needs and walk them through the process hand-in-hand. Give us a call today to hear about our various mortgage loan programs and how we can help you buy and sell your home!