Buying a new home and selling your current one at the same time is not easy. But it can get a little easier when you use a ReeceNichols agent as your guide. Use these tips to relieve some stress!
FIND AN AGENT EARLY.
Buying and selling at the same time requires careful planning and analysis, so the earlier you contact an agent, the better. Your agent will assess the market and help you best price your current home. They’ll also connect you to a lender, who will help you get pre-approved for a loan and discuss your mortgage options. Once you determine your budget, that will make your next steps much clearer.
DECIDE YOUR PLAN.
What’s your plan — are you going to focus on buying or selling first? Your agent will help you devise your path based on current market conditions and your financial situation. For example, if you can afford to carry two mortgages for a few months, your best option may be to buy first and sell second. Your agent may even negotiate a contract contingency, making the purchase of your new home contingent on selling your old home. Or, if you plan on selling first, your agent may request a rent-back agreement. Either way, your path will depend on a combination of your finances, the market and your personal comfort level.
GET TO KNOW BOTH MARKETS.
Since you’ll be a seller and a buyer at the same, it’s critical to understand the market demand in your current neighborhood and your target neighborhood. If you under- or over-price your home, you’ll be faced with too little profit or too much time on the market. If your offer is too little or too much, you’ll wind up without any acceptances or over-paying for your new home. With your agent’s guidance, research the market. Your ReeceNichols agent will provide you with helpful materials, like buyer heat maps and neighborhood statistics.
Don’t navigate buying and selling alone. Get in touch with a ReeceNicholsagent today to start your search!