Selling your home and buying a new one can be both exciting and stressful at the same time. If you are trying to sell a home and purchase a home at the same time this is just an added stress. Here are some tips from Rocket Mortgage on how you can do this with ease.
1. Go With the Pros
Whether you are purchasing a home or selling a home, you need to start with the professionals. The first step is to hire a real estate agent who can help you from start to finish. They can give you advice on how to price your current home and how much to offer for the home you want to buy. When looking for an agent, you want to choose one that has experience and a proven track record in the local market. They need to have success in both selling and buying homes. An agent will also have a network of agents that can spread word of mouth on your listing. An agent can also help you stage your current home to sell and find a home that fits your needs.
2. Evaluate the Market
Assessing the market is very important when you are selling and buying at the same time. This means finding out the comparisons for both homes. You can be more picky as a seller if you live in an area that favors sellers. In a seller’s market you need to be ready to move fast with a decision on the home you are purchasing. If you are in a buyers’ market, it will take longer to sell your home.
3. Stand Out From the Competition
If you are in a sellers’ market you still need to stand out to the buyers. Stage your home that you are selling by sprucing it up. You want to de-clutter, add fresh paint and update dated appliances. Do not forget about the curb appeal since this is the first thing a buyer sees. To boost your curb appeal, you can paint your front door, and make sure you mow your lawn and trim your shrubbery. If you are a buyer, you will want to go ahead and get pre-approved for a mortgage. This will let the buyer know you are a serious buyer.
4. Have a Plan B
Again, when you are purchasing a home and selling a home at the same time, you want to have the closings to both as close as possible. This is not always the case, as sometimes you sell fast but have not found a new home yet. You want to have a backup plan in case your first option falls through. An example would be to set aside savings for a short-term rental in case you sell your home and have not found a new one. The opposite can happen and if you have found a home but have to sell your current home still, you can rent it out for six months to supplement income.
Remember to start with a real estate agent who can help you navigate the local market. An agent can help you with selling your home and finding a new home all at the same time.