Despite how common it is, buying and selling a home at the same time is always a juggling act for those in the throes of doing it themselves. Aside from navigating the logistics of moving and attempting to time it right from a convenience perspective, you’re also stuck with the possibility of having to pay two mortgages at once if the purchase and sale don’t align.
While it all can feel overwhelming, there are some easy steps you can take to minimize risk and feel confident each step of the way. Here are some things to keep in mind when buying and selling a house at the same time:
Understand the current Florida housing market – As market trends shift, so too must your strategy and expectations related to buying and selling a property. The state of the local market will play a big role in how you and your real estate agent approach the process. For example, a buyers’ versus sellers’ market will call for two different strategies to achieve the same result.
Hire for experience – While buying and selling homes is not something you do every day, it is something the experienced real estate agent you hire does. Make sure the agent you interview and ultimately hire will be able to offer you to the support and guidance you need to successfully navigate these tricky transactions.
Focus on financials – What you can afford will dictate how you proceed with a purchase and sale, including any potential loans you may qualify for. Understand your level of risk and responsibility with any financial burden and always be prepared for the unexpected by giving yourself a cushion.
Sell then buy? Buy then sell? – Timing your transactions is tricky, but after evaluating the above factors, you should be in a better position to plan out the best strategy for your given situation.
Selling before buying can be less stressful because you know how much equity you have available for your new purchase, but it can also be challenging because you’ll have to find temporary housing as well as pay for storage and double moving costs.
Buying before (or while) selling can be advantageous because you will have somewhere to move right away; however, it may force your hand while selling as you could feel rushed to sell and accept a lower offer than you would otherwise take. Buying before selling can also be financially challenging.
One of the best ways to ease the stress and burden of navigating two transactions at once is to hire a trusted realtor who can guide you through the process and offer the best advice for your given situation. For that, you can turn to us at Drew Kern Real Estate. We’ve been serving the South Florida market for more than 20 years and are ready to help you find your next dream home.