A lot of people in our market today would love to sell their home, but hesitate due to low inventory. The idea of buying a new home while listing another at the same time can be an intimidating prospect, but I’ve got some good news to share with you.
Interest rates are still low, which means it is absolutely possible to get a great deal when buying in our current market. So, juggling two transactions at once can be done.
The first thing you need to do when buying and selling at the same time is to hire an agent who can help you navigate both sides of the process. If you do use two agents, make sure they’re clearly communicating about your needs.
When it comes time to find your new home, a good agent will be able to locate listings that may not even be on the market. Given our current low level of supply, this strategy will be of great benefit to you.
After you’ve settled on a home you’d like to buy, the next step is to write a contract that is contingent upon the sale of your current home. Also, a quality agent will be able to negotiate a lease back agreement for you. Essentially, this would allow you to lease back your home from its buyer while you settle loose ends with your new home purchase.
Of course, if things don’t work out as seamlessly as what I’ve described, you can also write in certain language to protect yourself in the contract. Your agent will be able to help you with this.
Alternatively, you could make purchase a new construction home and ask the builder to give you a flexible time frame. There is also another final option for you to explore, which is to risk selling your home before finding a new one to buy. If you choose this route, make sure you make the sale contingent upon your finding a new home.
Ultimately, there are a number of ways to handle two transactions at once. The most important thing is that you reach out to an experienced agent who knows the market and will be able to help you transition smoothly.