Home Valuation 4
What strategies work best if you are going to sell your home, and buy the next one, in the same geographic area?
When I work with home sellers that have this as their goal, not surprisingly, they want to do it in a way that offers the smoothest transition and the least stress possible on their life, and their family.
Getting to that “best strategy” does require taking a careful look at the current market situation. You want to consider how homes are selling in your community, how long they are on the market, what your home purchase goals are and what is available, and how the timing and financing will all work together to create the best transition and best end-result for you.
You can either sell your current home contingent upon the purchase of the next home. Or you can purchase the next home contingent on the sale of your current home. Which of these two approaches might work best depends on your requirements, as well as the prevailing market conditions. I have done both many times over, and both can have advantages and disadvantages.
Some sellers do not need to sell their current home in order to financially qualify for their new home. That is a more desirable approach, but not everyone can qualify for the new home mortgage apart from the sale of their current home.
As mentioned, a good analysis of the needs and preferences of your situation is the place to begin. An experienced, highly skilled agent, who knows the area, should provide insights to make this work effectively. We also think it is strongly in the best interests of the seller/buyer to work with the same agent in both transactions. If they are doing their job at a high level, they will work with you to make the whole process as seamless as possible.
If this is something you are considering, I’d be happy to listen to what you would like to achieve, answer any questions about how this can work smoothly, and offer a few insights on what to avoid when you are selling and buying together. Just let me know how we can help.