How to Sell Your Home While Buying Your Next One
Buying a new home while selling your current one can feel like a balancing act, but with the right strategy, it’s entirely possible to navigate both transactions smoothly. Here’s a step-by-step guide to help South Shore homeowners make a seamless transition.
Step 1: Understand Your Financial Position
Before listing your current home or making an offer on a new one, assess your finances:
Get a pre-approval for your next mortgage.
Determine how much equity you have in your current home.
Consider whether you can afford to carry two mortgages temporarily.
Step 2: Decide on Your Strategy
There are a few ways to handle buying and selling simultaneously:
Sell First, Then Buy: This minimizes financial risk but may require temporary housing.
Buy First, Then Sell: Ideal if you can afford both homes for a short time or qualify for a bridge loan.
Contingent Offer: Make an offer on a new home that depends on selling your current one, though this is less competitive in a hot market.
Step 3: Time Your Transactions Carefully
Working with an experienced agent can help coordinate closing dates and negotiations. If possible:
Aim for a same-day closing to move directly from one home to another.
Use a rent-back agreement, allowing you to stay in your home briefly after selling.
Align your closing dates strategically to minimize overlap.
Step 4: Prepare Your Current Home for Sale
To attract buyers quickly:
Declutter and stage your home to make it appealing.
Make necessary repairs to avoid deal-breakers in inspections.
Price it competitively to sell within your desired timeframe.
Step 5: Start House Hunting
While preparing to sell, begin looking for your next home. The South Shore has a competitive market, so having a clear vision of your needs and a pre-approval letter can help you act quickly.
Step 6: Work With a Real Estate Team Who Can Handle Both Transactions
Having the same team manage your sale and purchase ensures smooth communication and strategic planning. The Depend on Dakota Team specializes in South Shore real estate and can help you successfully navigate this complex process.
Selling and buying at the same time may seem daunting, but with careful planning and expert guidance, you can transition seamlessly to your next home. Contact the Depend on Dakota Team today to get started!
