The idea of purchasing a new place can be exciting. But if you’re already a homeowner, you may need someone to buy your current home before you can commit to a new one.
Selling one home and buying another simultaneously could feel overwhelming — even more so than purchasing your first home did.
Think of it like walking a tightrope: You’ll need skill and balance. But don’t worry, because you won’t be doing it alone. We will successfully work through this process together.
Make the most of your time. You should prepare for buying and selling to take a few months. Giving yourself and the other buyer and seller a six-month window is more likely to allow you to complete both transactions on time. Of course, this is an estimate since each situation is different.
Sort out your finances. Many repeat buyers apply for a home equity line of credit (HELOC) or a bridge loan. A HELOC borrows against your home’s equity, while a bridge loan is a short-term loan that can be secured against your current property. Speak with your lender about your financing options.
Take the temperature of the market. Whether you decide to go through with the transactions in a buyer’s or seller’s market can make all the difference in your timelines. We’ll discuss this throughout the process, as market conditions can change within weeks.
Make strategic negotiations. We’ll include relevant contingencies in your contracts. For instance, a home sale contingency makes the purchase of your next home valid only if your existing home sells, which can protect you financially.
Whether you’re selling, buying or doing both, reach out to have an experienced real estate professional by your side.