The process of buying a new home when you have an existing property to sell as a contingency can be a complicated process. You have the logistics of a normal real estate transaction, times two, to manage in a time-related schedule that includes several players, from the potential buyer of your existing home, to the seller of your new place, to the mortgage team and many others who all have their own schedules and timelines to manage. But don’t let us make it seem like an impossible feat. Selling your home to buy a new one is not only possible, it’s a slam dunk these days, as the continued low housing inventory makes selling easier than ever, streamlining the two criteria that can derail the real estate transaction more than any other. So, how do you enter this complicated process and ensure you get the next home of your dreams with the best possible result of selling your existing home?
1. You know to connect with a local real estate and mortgage professional.
As was made clear in the introduction, a real estate transaction that includes your selling AND buying a property can be a complicated one to navigate. Thankfully, you know to get all the i’s dotted and t’s crossed in this process. You need to partner with someone who not only knows the local real estate market, but also has a relationship with each of the players in the game. Keeping the process moving forward can be difficult with so many people involved. Your mortgage-real estate partner will manage the logistics for you to get you to the finish line as quickly as possible.
2. Entry-level and middle-tier homes have the lowest inventory.
While this looks like it could be an issue for someone looking to sell a higher-valued home, it really isn’t. Low inventory always benefits the seller, and by listing your home a little lower at the outset is apt to drum up a bidding war between potential buyers to ensure you get the price you want when you sell. Your real estate partner will know how to price your property when its first listed to draw the most interest, then let competition based on the low-inventory factor take hold.
Selling your home in this market is in your favor. The inventory decreases remove the standard “spring sales” timeline and makes now the best time to start the process so you can be well onto ending the transaction by the beginning of 2020.