6 Tips for Buying and Selling a Home at the Same Time

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• Expert Advice for Coordinating Two Moves on Concurrent Closing Dates •

The idea of buying and selling your home at the same time may seem scary and overwhelming but it doesn’t have to be. With a strategic plan in place and the right team behind you, you can do it!

Here are a few tips that we’ve learned from our experience with clients who have been successful in this tricky scenario:

#1. Research the Market Conditions

One of the biggest decisions you’ll need to make is whether to buy first or sell first. But, sometimes, that’s not up to you. Market conditions can greatly impact which of these events come first.

A buyer’s market, for example, exists when there are more homes available than people looking to buy. It gives buyers an advantage — and you’ll probably have an easier time finding your new home than you will in selling your old home.

The opposite is a seller’s market in which there are more buyers in a market than there are homes available. A seller’s market gives sellers an advantage and, in this scenario, you’ll likely be able to sell your home faster than you’ll find a new one.

#2. Know Your Options

If you’re in a buyer’s market, there are a few scenarios that could play out. Sellers may be willing to accept a contingent offer — which means you could make an offer on your new house contingent on selling yours first. Similarly, you could request an extended closing date to give more time for your home to sell.

If you’re in a seller’s market (where your home may sell your home before finding another one), you might consider asking your buyers to do a rent-back after closing to give you more time to find a place. You could also make an offer with a settlement contingency.

#3. Crunch the Numbers

When buying and selling at the same time, it’s also imperative to have your financial ducks in a row so you can make quick decisions. There are three main things you can do:

  • Get a pre-approval from your lender. It allows you to know exactly what your buying power is for your next home.
  • Get a comparative market analysis. This gives you an idea of your existing home’s value based on recent sales in your neighborhood.
  • Get an estimated seller net sheet from escrow. It helps you understand what the proceeds of your existing home’s sale will be — based on the equity you have in your home.

#4. Explore Loan Options

Next up, explore your loan options. Bridge loans are popular in this scenario. A bridge loan is a temporary loan, secured by your existing home, that can “bridge the gap” — allowing you to purchase a new home even if your other home hasn’t sold yet. In essence, you’re accessing your home’s equity before you sell and can use that for the downpayment on the new purchase.

There are pros and cons to this scenario, so it’s always best to speak with your lender to determine if this is the right option for you. You can also check out Reali Loans to get pre-approved with our team.

#5. Choose a Real Estate Agent

To strengthen your offer on the new home and show you’re serious, it’s important to have a signed listing agreement with a real estate agent for your existing home.

Not only will you want to find a qualified agent in your market, but you’ll also want to prep your home for sale. This may include decluttering, repairs, staging, listing photos, and more — and it can help improve the chances of your home selling quickly.

#6. Be Patient and Flexible

Remember, buying and selling a home at the same time doesn’t have to be overwhelming. With a solid game plan and a knowledgeable agent by your side, you can achieve your goals. Just remember to be patient and flexible — there are a lot of moving parts that need to align.

Have a home you need to sell before you buy? Reali Trade-In might be right for you.

The Bottom Line

Call us at (858) 880-0195 or email portia.green@compass.com to get started.

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About The Author
Portia Green, REALTOR®

Portia Green is a highly experienced full-time REALTOR® specializing in the representation of Sellers, heralded by her clients as data-driven and an effective negotiator. Producing $25M total in residential sales volume, Portia's goal is to help her clients achieve the best results when selling their homes and to make their experience an enjoyable one. She has successfully sold real estate since 2008 and has gained an in-depth knowledge of local real estate markets & seasonal trends. Portia has achieved a 100% customer satisfaction rating and wants to share her expertise & personal service with you in the sale of your home. When listing your home with Portia Green and Compass, you'll receive the hands-on service you need and desire. Portia will help you manage the entire process of selling your home from pricing, preparing and staging the house, to marketing, negotiating offers, inspections, all the way to closing. She will recommend skilled vendors for any job needed, personally host Open Houses, and ensure that all showings are accompanied. At Compass, Portia offers a wise no-nonsense way to sell your home for the best price and the least hassle. With a keen eye for staging & preparing listings to maximize Buyer appeal, all of Portia Green's listings are professionally photographed using HDR (High Dynamic Range) photography to provide the highest quality photos in the industry. Professionally printed marketing materials are prepared for all Open Houses. We also capture a 3D scan of your home that creates an interactive walkthrough online along with a custom-designed floor plan and targeted digital marketing campaigns on Google & the most popular social media channels. Compass participates in the Multiple Listing Service, which is the local real estate database of homes listed for sale that all REALTORS® use in helping their Buyers find houses. Your home will appear on every real estate website, in its best light, making a stunning camera-ready debut. Portia Green's home valuation expertise and extensive experience in comparative market analysis will help price your home accurately. She has refined her skills to help you pinpoint which features of your home will result in more showings and better results. Her mantra is for you to be ready to sell your home and feel good about that first. Portia knows that home inspectors always find a problem; that drones take some of the best photos in town; and that her eyebrows will grow to the floor in the time it takes her to read everything that's happening with your HOA, but that doesn't mean she won't do it anyway. Eyebrows be damned. You'll always need a place to unplug, connect, dream, grow, or just be yourself. That makes what Portia does even more meaningful. She’s ready to go the extra mile to help you find just the place. Whether you're selling your very first home, offloading an investment property, or want a vacation getaway with passive income, she is attentive to the details of every home sale. Portia helps busy people navigate this crazy real estate market like a pro, so don't be shy. Every great relationship starts with free advice and a friendly chat. Ask as many questions as you need to. Selling houses is her jam! www.portia.realtor