Here are the best three ways you can sell your home and buy a new one.
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Sellers are enjoying an incredibly hot real estate market, but buyers are facing a lot of competition when looking for homes. If you’re looking to sell your current home and buy a new one, this means things could get a little tricky. In fact, some sellers are worried they’ll even end up homeless if they can’t find a new house after selling.
Fortunately, there are a few different ways you can ensure you find a new place to live. Let’s talk about the three routes you can take when buying and selling homes:
1. Buy and then sell: If you can qualify for having two mortgages at the same time, this is the best option to take. This gives you much more flexibility when looking for a new home and allows you to take your time. You won’t need to find temporary housing, and you can move in whenever you want. In a normal market, buying and then selling could cause you to get stuck with two mortgages, but it's fortunately easy to find buyers in today's hot seller’s market.
2. Sell and then buy: Selling first allows you to know exactly how much money you have to spend, and there’s no risk of getting stuck with two mortgages. However, you may have to get a short-term rental or stay with friends or family while looking for a new home.
3. Buy and sell at the same time: This route helps you avoid temporary housing and move directly from your current home into a new one. However, a simultaneous sale means a race against the clock in order to avoid moving twice. You can negotiate a leaseback as part of your home sale in order to give yourself a bit more time to find a new place.
Before you start, it’s important to review your finances. Getting pre-approved lets you know exactly what you can afford when buying a home, and we’d be happy to connect you with one of our lenders to get the ball rolling.
We can also help you find homes that aren’t even listed yet, which gives you the advantage of getting an offer in early. If you’re ready to jump into the market, or if you have any questions, feel free to reach out to us. We look forward to hearing from you soon.