HARRISONBURG HOMEOWNER
  • Blog
  • Sell a Home
  • Find a Home
    • Buying Guide
    • New Listings
  • Contact
  • Lakewood Estates
    • Active Listings
    • Plats and Covenants
  • Kiva Program

Buying and Selling A Home At the Same Time

10/24/2019

21 Comments

 
Picture
Buying and selling a home at the same time is a complicated process. Here are some practical tips that will help things go more smoothly.

Find an experienced agent

Given the complexity of buying and selling at the same time, you will want the help of an experienced real estate agent. An experienced agent will be able to help you price your home optimally, and will be an expert at timing the sale of your home, negotiating the price, and strategies for buying and selling at the same time. Choosing the listing price is one of the most important functions of a listing agent, and you’ll want someone who really knows the local market.

If you think you are ready to discuss the best strategy for your situation, I'd love to meet up with you.  If you want more information about my experience, see here. 

Determine if you’re in a buyer’s market or a seller’s market

The steps that you take in selling and buying a home will differ depending on the local market. If you’re moving to a different town, you will be selling your home in a different market than the one you’re buying in. In a buyer’s market, there are more homes up for sale then there are people looking to buy. You may find a new home before you sell your own home. In a seller’s market, there are more people looking to buy then there are homes for sale. You will likely sell your old home before finding a new home.

There is not a one size fits all solution for everyone.  You have to determine what works best for you and your situation.  Here would be some examples of strategies give the market conditions. 

If you’re in a…                     

Buyers market
Make an offer with a kickout clause (in this case the purchase of the new home is contingent on the sale of the old home).

Buyers market
Request an extended closing. This will help give you time to sell your current house. 

Sellers market
Make an offer with an extended closing and trust your house will sell.  This may feel risky but depending on your house and financial situation, it can work out very well.  Pricing your old house will be very important in this option. 

Sellers market
Sell your house first and negotiate a rent back agreement.  This will give you sometime to shop for a new house without having to move into a temporary rental.  

Know your financial situation

The next step in the process is to take stock of your financial situation. You will want to talk to your mortgage company and your accountant or financial advisor to find out the following information. You’ll want to know how much liquid cash you have on hand, how much equity you have in your home, and what types of loans you qualify for.  Ask me for recommendations. 

A key part of your financial situation is the value of your home. You will want to find out how much your home is likely to sell for. As part of determining the value of your home, you may want to get a pre-inspection to find out how much work will need to be done in order to sell your home. This is also an ingredient in determining how much equity you have in your home. Equity is the amount of money left over after you take the market value of your home and deduct the amount that’s left to pay on your mortgage. In other words, it’s the amount you’ve already paid toward the current value of your home.

Buy First or Sell First?

Now you have some tips to help you in the process of buying and selling at the same time. But which should you do first, buy your new home or sell your old home? We’ll look at some different scenarios for selling and buying your home in our next posts!

Picture
Sources:
https://www.investopedia.com/articles/personal-finance/111513/home-sale-contingencies-what-buyers-and-sellers-need-know.asp
https://www.zillow.com/home-buying-guide/buying-selling-at-the-same-time/
21 Comments
Melinda Swearingen link
5/6/2024 02:59:34 am

The detached and semi-detached segments have shown more fluctuation in inventory levels, with moments of both surplus and shortage. However, the trend is tightening, with recent data pointing towards decreasing inventory that edges closer to a seller’s market.

Reply
Jessica Sanjuan link
5/6/2024 03:01:30 am

I got know your article’s Content and your article skill both are always good. Thanks for sharing this article this content is very significant for me I really appreciate you!

Reply
Frank Savage link
5/6/2024 11:16:18 am

The steps that you take in selling and buying a home will differ depending on the local market. If you’re moving to a different town, you will be selling your home in a different market than the one you’re buying in. Thank you for making this such an awesome post!

Reply
Alex Davis link
5/6/2024 11:48:43 am

You will sell your home in an unexpected market in comparison to the one you're purchasing in. In a wide open market, there are more homes available to be purchased then there are individuals hoping to purchase.

Reply
Estella Burns link
5/12/2024 02:27:58 pm

In a buyer’s market, there are more homes up for sale then there are people looking to buy. I’m so thankful for your helpful post!

Reply
Clarence Todd link
5/15/2024 11:05:30 am

You will be selling your home in a different market than the one you’re buying in. In a buyer’s market, there are more homes up for sale then there are people looking to buy. I’m so thankful for your helpful post!

Reply
Phillip Caine link
5/15/2024 12:22:47 pm

As part of determining the value of your home, you may want to get a pre inspection to find out how much work will need to be done in order to sell your home. Thank you for sharing your great post!

Reply
Margaret Silva link
7/5/2024 05:38:59 pm

Buying and selling a home simultaneously can be a bit complex, but it's a common scenario. Here are some steps and considerations to keep in mind, Thank you, amazing post!

Reply
Ernest Holland link
7/5/2024 05:57:12 pm

You will need to figure out how much your house is probably going to sell for. As a component of deciding the worth of your home, you might need to get a pre-examination to figure out how much work should be finished to sell your home.

Reply
James Quinn link
7/5/2024 06:23:03 pm

An accomplished specialist will actually want to assist you with evaluating your home ideally, and will be a seasoned veteran of timing the offer of your home, arranging the cost, and procedures for trading simultaneously.

Reply
David Walsh link
7/6/2024 07:53:08 am

The Buying and selling a home can be complex processes that involve several steps and considerations. Here’s an overview to help you understand each aspect.

Reply
David Hatley link
7/6/2024 10:40:27 am

Given the intricacy of trading simultaneously, you will need the assistance of an accomplished realtor. An accomplished specialist will actually want to assist you with valuing your home ideally,

Reply
Charles Tomes link
8/9/2024 02:30:56 pm

There are more homes available to be purchased then there are individuals hoping to purchase. You might find another home before you sell your own home. In an economically difficult market, there are more individuals hoping to purchase then there are homes available to be purchased. You will probably sell your old home prior to seeing as another home.

Reply
Otis Noble link
8/12/2024 02:02:17 pm

You will likely have to consider bridge financing, a financial product that tides homeowners over during the period between buying and selling a house. With bridge financing, you take out a short-term loan on the equity in your old house,

Reply
Paul Ingram link
8/14/2024 02:30:49 pm

Buying and selling a home at the same time requires careful planning. Align closing dates, explore bridge loans, and work with an experienced real estate agent to ease the process.

Reply
David Harrington link
8/14/2024 02:48:02 pm

When buying and selling a home simultaneously, coordinate closing dates, secure financing, and work with an experienced agent to manage the transition smoothly.

Reply
Vernon King link
8/15/2024 07:40:18 am

Buying and selling a home simultaneously can be challenging, but with careful planning, it's possible to navigate smoothly. Here are some strategies to consider. I’m so thankful for your helpful post!

Reply
Esmeralda Choi link
8/15/2024 08:05:16 am

Buying and selling a home simultaneously can be a complex process, but with careful planning and strategy, it can be managed effectively. Here’s a comprehensive guide to help you navigate both transactions. Thank you for the beautiful post!

Reply
Joseph Foley link
9/11/2024 02:51:19 pm

Great advice! Buying and selling at once requires careful coordination. Plan your timelines, consider interim housing, and work closely with a real estate agent to streamline the process.

Reply
John Marshall link
9/26/2024 03:56:20 pm

Buying and selling a home simultaneously can be stressful. Start by aligning closing dates, securing financing, and staying flexible for smoother transitions.

Reply
John Cheek link
9/26/2024 05:07:21 pm

The process and provide valuable insights. Make sure to stay organized, prioritize communication, and be flexible with negotiations. Whether you're a first-time buyer or an experienced seller, taking these steps can lead to a successful transaction!

Reply



Leave a Reply.

    RSS Feed

    Categories

    All
    Appraisal
    Association Fee
    Backyard Fire
    Bank Owned Homes
    Best Of Harrisonburg
    Best Of The Valley
    Bidding War
    Broadway
    Bubble
    Buyer Profiles
    Buying
    Cash
    Closing Costs
    Commercial
    Coronavirus
    Deferral
    Depreciation
    Development
    Down Payment
    Featured Listings
    First Time Homebuyer
    Flipping Real Estate
    Forbearance
    FSBO
    Getting Ready To List
    GIS
    Harrisonburg
    Home Inspection
    Home Preperation
    Inventory
    Investment
    JMU
    Key Terms
    Kitchen
    Land
    Loan Commitment
    Local Guide
    Map
    Marketing
    Market Report
    Massanutten
    Mortgage
    Moving
    National Statistics
    Negotiations
    New Construction
    Office
    Organizing
    Penn Laird
    PMI
    Preston Lake
    Recasting
    Refinance
    REI
    Relocation
    Remodeling
    Rental
    Rockingham
    Safety
    Sales Forecast
    School District
    Search
    Sellers Market
    Selling
    Settlement
    Staging
    Tax
    Timberville
    Title Insurance
    Township
    TRID
    Utility Costs
    Utilty
    Video
    Virtual Reality
    Weekly Report
    Zillow

Picture
Picture
Email - Click Here
Phone - 540-246-9067
Website - www.mattiasclymer.com
​Schedule a Meeting, Download Contact Card, Etc...

Funkhouser Real Estate Group  |  401 University Boulevard, Harrisonburg, VA 22801  |  540-434-2400  |  ©2021  |  Privacy Policy  |  All rights reserved.

Licensed in the Commonwealth of Virginia
  • Blog
  • Sell a Home
  • Find a Home
    • Buying Guide
    • New Listings
  • Contact
  • Lakewood Estates
    • Active Listings
    • Plats and Covenants
  • Kiva Program