6 Tips for Buying and Selling at the Same Time

Buying a home while you’re selling can be completely daunting, but it’s a very common occurrence. It just takes some careful thought and a little bit of extra preparation to be as seamless as any normal single real estate transaction. Check out our top tips for maintaining your sanity if you’re staring down both sides of a real estate transaction: 

1) Involve an agent in the early stages. We’ll not only provide you with key insight and guidance on what you should do ahead of time to prepare your current home for sale, we’ll also help you narrow down your list of must-haves and wants for your next one. That way, you can act quickly and confidently when it’s time to list your home or make an offer on a new one.

2) Understand the current market. When you’re buying and selling a home simultaneously, you need to understand the nature of the market you currently live in and the market you are hoping to buy in. It’s important to note that how competitive a market is can vary from state to state, city to city, and even neighborhood to neighborhood. This is why it’s so important to work with local experts that can walk you through the realities of buying and selling in a particular market.

3) Consider your options for temporary housing. Having a plan for where you’ll go in between selling and buying will give you peace of mind just in case the timelines for both transactions don’t line up perfectly. This could involve renting a short-term apartment, staying with family or friends, or utilizing temporary housing services In most cases we can make it work, but planning for emergencies and having a back up plan will make it less stressful if there are any delays. 

4) Get “paperwork ready” to buy, and “house ready” to sell. Before you do anything, get pre-approved by a qualified lender and talk about your financing options, like bridge loans and  HELOCs if you need to leverage your home’s equity to purchase. On the sale side, make any necessary repairs on your home, and pull together any relevant documentation about your current home, including appliance warranties, renovation permits, and repair records. That way, you’re ready to provide quick answers to buyers’ questions should they arise. You don’t want to be scrambling for things once you’ve started moving! 

5) Say “yes” to seeing just listed homes. If your search has stalled, be willing to drop everything when your agent calls with a new listing for you to see. The sooner you can put your eyes on a home, the sooner you’ll be out of limbo. 

6) Trade dollars for a quick closing. It may be worth a buyer’s home warranty to get a quick 3 week closing. Empower your agent to negotiate a quicker closing so you can step into your forever home as soon as your home closes.  

Navigating the process of buying and selling at the same time can be a challenge, but with the right preparation and guidance, you can make the experience a successful one. At The Phipps Team, we’re not only your resource, but also your guide in both the buying and selling process, and are here to make your next move as seamless as possible, with concierge-level service and expert advice at every turn. Call us today to discuss your needs and how we can help!