How to Buy and Sell a Home at the Same Time

Moving can often be an anxious situation depending on your reason for a move, whether it be a better school district, for a career change, or a growing family. What adds more stress is the reality that you need to sell your current home as well. No one wants to end up being stuck with two mortgages.

You aren’t alone in this situation, though; many have been in a similar spot. By following the steps below, you can make buying and selling less stressful.

 

Buy Or Sell First?

There are certainly pros and cons to both options here. If you buy your new home first, you know that you’ll have a place to move into once your current home is sold. This is great for avoiding short-term rentals or extended hotel stays, which can be costly and difficult if you’ve got pets and children. You’ll also avoid having to pay movers twice and, of course, will be settled sooner. Ensuring your finances are in order can be one of the challenges here in the event you do have to pay both mortgages for a short time.

On the other hand, if you opt to sell your current home before finding the right fit for you, it eliminates the hassle of two mortgages. If you’ve got somewhere to stay lined up for after closing, you don’t have to rush into any brash home buying decision.

Selling Your Home and Buying Your Dream Home

  1. Plan Financially: In the ideal scenario, you’d be moving to a buyer’s market from a seller’s market to get the most home for your dollar, but that isn’t always the case. So there will be some financial planning you need to do to assess how much you can afford, how long you could sustain with two mortgages, etc. Today, housing prices are on the rise in most areas of the US, so it helps to work with an experienced real estate professional for guidance with budgeting. This also includes having a plan for short-term housing if you need it.
  2. Prepare Your Home to Sell: Now is the time to make any renovations or repairs that are needed to make your home ready for the market. Work with a contractor you trust to inspect the home so you won’t have surprises when the home is being shown. Staging your home thoughtfully can be a factor that contributes to a bidding war for your home.
  3. Price the Home Fairly: The housing market in much of the United States has been red hot for the past couple of years, so you should have no trouble receiving a fair offer when working with a reputable real estate agent. A beautifully staged home in Bergen County will receive numerous offers, and soon enough, it will be sold.
  4. Buy Your New Home: With the huge relief of selling your current home, you can finally focus on finding your dream home. A realty team with buyers and sellers agents will already have some houses in mind, and at this point, you should be where you need to be financial.

 

Find the Right Agent

Bergen Realty Team has buyers and sellers agents specializing in Oradell and the local communities. We’ve helped folks buy and sell homes in this area for over a decade and a half and are ready to help you. Contact us today for a consultation.

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