The Art of Buying & Selling Your Home at the Same Time

There are a lot of factors to consider when buying and selling a home at the same time, from finding the right buyer for your home to securing a mortgage for your new property. It is no wonder many people wait until they have sold their current home before buying their next one. 

But what if you do not have the luxury of time and want to take on buying and selling at the same time? Buying and selling a home simultaneously sounds overwhelming, but with careful planning and the help of local professionals, you can minimize the stress and make the process go smoothly. Buying and selling your home is a process; here are a few tips to help you get started.

Know your local market

You can do a few things to prepare for buying and selling a home simultaneously. First, familiarize yourself with your local market. This will help you understand if it is a buyer’s or seller’s market, which impacts strategies for both parts of the process. Local markets are constantly changing, so it’s important to do your research and be up-to-date on the current trends. 

This way, you can determine which neighborhoods are in demand and which might be on the decline. Knowing the prices, trends, and demographics of the area will help you make informed decisions about your purchase or sale. For example, if you are looking to sell your home in a rapidly-growing region, it might be worth listing your home for more than you might expect. 

Conversely, if you are looking to buy a home in a booming area, it might be a good idea to wait until the market has leveled. Here’s what a buyer’s or seller’s market means for you:

Buyer’s Market

  • More likely to have price negotiations
  • Sellers are more likely to accept common buyer-friendly terms like repairs and lower prices
  • Homes are on the market longer

Seller’s Market

  • The seller can be picky about offers
  • Buyers need a firm offer and a competitive bid
  • Buyers are more likely to overbid
  • Buyers are more likely to make offers without contingencies
Each has pros and cons, especially if you are buying and selling simultaneously. If you’re in a buyer’s market and find a home, you can:

  • Make an offer with a sale contingency to ensure you sell your home
  • Request a delayed closing to deal with selling your home
If you are in a seller’s market, you can:

  • Make an offer with a settlement contingency to ensure you sell your home
  • Request a rent-back agreement to ensure you have a place to live when buying a home

Timing and contingencies

Timing is one of the most essential factors to consider when buying and selling a home simultaneously. You’ll need to be strategic about listing your home and making an offer on another property. To avoid any contingencies, you must understand the timeline for both processes.

For example, if you are selling your home first, you will need to be aware of any contingencies, such as a buyer obtaining financing, that could prolong the process. Similarly, if you are buying a home first, you will need to be aware of the timeline for your loan process and any potential roadblocks that could delay your purchase. While cohesive timing is ideal, it is not always how the process works. There are contingencies buyers and sellers can ask for to ensure they have time to either buy or sell a home before moving forward with the deal. Some common contingencies include:

  • Sale and settlement contingency: This allows the buyer to sell their current home and the seller to continue marketing their home to other potential buyers.
  • Settlement contingency: This is used if the buyer has a contract for their current home, but the closing date has not yet happened. If the buyer’s current home sale does not go through, the buyer can terminate the offer on their new home.

Know your financial standing

When you are simultaneously buying and selling, it is vital to have a clear understanding of your financial standing. If you are looking to buy, be sure to calculate your down payment and estimated closing costs. If you are selling, be prepared for potential repairs that may need to be made and factor in your estimated home-selling costs. Not only will this impact your decision-making process, but it can also affect the amount of money you spend on the property and the timeline for the transactions. For example, if you’re looking to buy a home with a limited budget, you might want to consider selling first to offset the costs.

During the planning stage, it is also a good idea to have your home appraised to see how much you can expect to list your home. This will also help you determine how much to budget for your new home. There are many working parts when buying and selling a home, and an expert real estate agent can help you navigate the processes and keep you informed and organized.

Work with an expert real estate agent

Having a real estate expert to represent your interests can be helpful when you’re buying and selling a home. Not only will they be able to offer you valuable advice, but they will also be familiar with the local market trends and can help you navigate the process smoothly. When you work with an experienced agent, they can help you find potential buyers and new homes while managing paperwork, contracts, and negotiations. An expert agent with experience in your local markets is a valuable asset when buying and selling simultaneously.

Toni Hedstrom is a Tampa real estate agent with more than 20 years of experience and a professional background in sales, marketing, and customer service. Toni offers clients an innovative approach to buying and selling with concierge services to sell faster and secure homes at the best prices. She can help you make educated decisions and provides a streamlined process so you can move into your dream home without delays.

*Header photo courtesy of Toni Hedstrom

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Toni Hedstrom, Realtor®, e-PRO® provides professional real estate services throughout the Greater Tampa Bay area. Toni concentrates on providing the most innovative technology resources for both buyers and sellers. With the internet playing a crucial role in today's real estate market, Toni's sellers can rest assured their property will be presented via high impact marketing with a focus on strategic placement on the World Wide Web.