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When you sale your home, you have to move somewhere - which usually means buying another home. While this may sound stressful and challenging, it doesn't have to be if you have a plan and have the right Agent on your team.
Here are some planning tips:
Meet with Your Agent Early On: Even if you aren't quite ready to sale or purchase, schedule a meeting with your Agent to help you understand your home's current market value. This will help you have a better idea of what the sale of your home will net.
Know What & Where You Want to Buy: Have a good idea of where you want to purchase and the type of home you want to purchase. This will make your search much smoother. Your Agent will be able to help you with your search and will know the market for the area(s) you are searching.
Know Your Numbers & Get Pre-Approved: It is important to know your financing options. Most people don't have the luxury of purchasing another home before selling their own, so knowing this upfront can help you plan more appropriately. Meet with your local mortgage broker or lender and look at your current mortgage - what equity do you have in your current home? What is your pre-approval for your next mortgage and what is the down payment requirement?
Coordinate, Coordinate, Coordinate: Work with your Agent to coordinate the details early on and throughout the entire process. For example, if you list your home, start looking and find something before your current home sales, you can write a contingency that your current home must sell before you buy. Here's another example, coordinate the closing dates of your new home purchase with the sale of your home so you aren't stuck without a house for a few days. If you do need temporary housing (i.e. you are building a new home), plan this in advance - don't wait!
By planning ahead and working with the right Agent, the process of buying and selling at the same time can be a smooth one.
