Whether you decide to buy or sell your home first, it’s crucial to know your market. Almost every market is a seller’s market right now, which makes half your job easier—and the other half much harder. Hire a quality agent and read on to learn our four tips for buying and selling a home at the same time. Selling FirstWhen buying and selling two homes, one action must come first. If you choose to sell first, here’s what you need to know. Find Somewhere To StayYou’ll want to budget extra money for your home-between-homes. If your buyers are planning to move in quickly, consider renting a condo or apartment to stay in for a few weeks until you’ve purchased your new house. If you have family nearby, all the better! Negotiate with BuyersWe mentioned buyers wanting to move in quickly, but you may be able to stay in your old home until you find a new one. Talk to your agent about negotiating with the buyers—sometimes, you can retain residency for 60 to 90 days while you look for a dream house to buy. Usually, this concession will come at the cost of a lower listing price, but it may end up being worth it if you can avoid paying a few months’ rent. If you’re looking for an easy way to sell your house as-is in Schaumburg, we can help! Buying FirstLiving in a seller’s market means that homes are flying off the “shelves” without much negotiating in price. Take a look at our tips for buying a new home before selling your old one. Add a Sale ContingencyIf you want to play things safe, you can include a sale contingency with your offer. What this means is that your offer is only valid when your home sells. While this provides you with security, it can also make your offer less appealing to sellers and can cause your dream home to slip out of your grasp. Get a Bridge LoanA bridge loan lets you own two homes at once without losing all your savings. This form of loan helps pay your original mortgage while covering the cost of the new home. Now that you know these four tips for buying and selling a home at the same time, figure out which option is right for you and enjoy your new house!
3 Comments
3/11/2022 02:04:51 pm
It's great that you talked about selling and buying real estate and how to do it! The other day, my parents announced they're selling their home to buy a condo. My parents want to live in a beach condo, so I think they'd benefit from reading your tips! I appreciate your advice on working with a realtor to help my parents with their transactions!
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3/25/2022 03:30:23 am
I liked how this post discussed that sale contingency will only make your offer valid the moment your home sells. My friend should know this since she's looking at buying a new house. I will advise her to look for a real estate agent that can help her find her desired house.
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5/26/2022 12:28:46 am
Thanks for sharing this article. I love it.
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AuthorEric Strung and Direct Property Buyer Team Archives
January 2024
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*Members of Direct Property Buyer have real estate licenses held by Spartan Residential.
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