Selling your house and buying a new one at the same time can be a daunting task. It can be especially daunting when interest rates are high or inventory is low. But, with the right agent, planning, and approach, you can successfully navigate the market.
Here are 8 things to know to help you sell your house and buy a new one at the same time:
- Work with a real estate agent. Working with a knowledgeable and experienced real estate agent can help you navigate the market and ensure a successful sale and purchase.
As your realtor, I will help you price your house appropriately, market it effectively, and negotiate on your behalf. I also help you negotiate a fair price, terms, and repairs or closing credits if needed.
- Get Pre-Approved for a Mortgage First. Before you start the process of selling your house, it is important to get pre-approved for a mortgage. Your pre-approval tells how much you can afford to spend on your new home. Meeting with a lender will also help you determine what type of loan you need. With high-interest rates and low inventory, it is more important than ever to shop around for the best mortgage rates and terms.
I refer great lenders and provide the information they may need about your current home and the market you’re looking in. If you’re looking to move to another state, I’ll connect you to an expert agent in that area from my expansive network.
- Know the market. Before listing your home, it is important to know the local real estate market. Knowing the market will help you price your home appropriately.
We’ll review a report of comparable properties, market data, and pricing strategy at your listing consultation. We’ll discuss how quickly it is likely to sell as-is, with some repairs, and/or with staging. Pricing appropriately is important to help you sell on your timeline and make the most of your investment.
- Time your sale and purchase carefully. Timing is key when it comes to selling your house and buying a new one at the same time. Ideally, you want to sell your house before you buy a new one. However, this is not always possible and comes with the logistical challenges of buying before you have to move or finding a place to stay between sales.
You many options you have to help time your move, and I’ll help with the logistics to make it as smooth as possible. For example, I can negotiate for you to stay in your home for additional time after your sale closes (up to 60 days after closing). This is called a rent-back period and is relatively common, and often free, especially in low-inventory markets. If you need to buy a new home before selling your old one, speak with me and your lender about your options.
- Have a backup plan. Even with careful planning, there is always a small chance that something will come up. Sales fall through and other things can happen to cause delays.
I strategize your backup plan with you. Having a rental property or temporary housing booked in case your need to bridge the gap between selling your old house and buying a new one is helpful.
- Consider renovation and staging. In some cases, you should consider renovating or staging your home to make it more appealing to buyers. it can result in getting you a higher price and quicker sale. A fresh coat of paint, new fixtures, and decluttering can go a long way in making your house more attractive to potential buyers.
When you choose to list your home with me, you’ll be given design and repair advice in your budget. I’ll provide references to contractors, connect you with my staging advisors, and provide a punch list to prepare your home.
- Prepare to negotiate. In a high-interest rate market, buyers may be more hesitant to make offers. Prepare yourself to negotiate on price and other terms to ensure a successful sale and purchase. Keep in mind that both parties want to make a deal, so be flexible and open to compromise.
We’ll review each offer thoroughly. I’ll navigate you through the negotiations to ensure you’re getting a fair price, making reasonable concessions, and meeting your goals for the sale.
- Make a Strong Offer. When you’re selling first and then buying, you might have challenges to overcome on the buying side such as finding a home at the right time, making contingent offers, getting your offer accepted, and closing in time to move from one home to the next.
Writing a strong offer that will get accepted in a multiple-offer situation is key. I’ll work with you to craft the perfect offer within your budget, on your timeline, and with terms that will stand out to a seller and their agent.
In conclusion, selling your house and buying a new one at the same time can be challenging, especially in a high-interest rate market. But with the right planning and the help of your realtor and lender, you can successfully navigate the process.
You can find read my bio, and testimonials, or find me on Instagram to learn more about what it’s like to work with me.
Broker | OR
Raised in the Pacific Northwest, Mel became a passionate advocate for homeownership and investing in real estate after buying and selling her first home. What drew her to it was realizing the significant financial impact the right investment property can make and learning how much having a home to truly call your own can improve your quality of life.
Her specialties are working with first-time home buyers and sellers yet she is fluent in all aspects of residential real estate. She is trained extensively in real estate negotiation, holding both the CNE (Certified Negotiation Expert) and RENE (Real Estate Negotiations Expert) designations. Mel knows that with all the technology available to buyers and sellers, one of the best skills a REALTOR® can have is knowing how to be a collaborative negotiator to get the best outcome for their clients.
After a decade-long career working in operations and client service for creative companies, Mel earned her Broker’s license and made the move to real estate. She listens to her client’s needs and aims to treat everyone involved in a transaction with honesty and integrity. She loves getting to know her clients, their wants, and needs to ensure they get the highest level of service Mel is known for.
Mel brings creativity and an eye for detail to the table with a background in art and events. She enjoys a remodel or renovation project, has a soft spot for old craftsman homes, loves helping first-time buyers, and educating her clients on the selling and purchasing process. She believes in staying up to date on market trends, technology, and tools available to real estate agents. This gives her an edge when it comes to marketing properties and communicating with her clients.
When Mel is not working in real estate she is volunteering with the Red Cross, gardening, hosting dinner parties, or relaxing at home on Bull Mountain with her husband, son, two big dogs, and a handful of chickens.