Are you planning on buying a new home but need to sell your current home first? Check out my recent post with info on home selling strategies in Seattle!
“Buying a home is stressful. Selling a home is stressful. When you do both at the same time, the experience is super stressful, not to mention emotional and difficult on many levels,” says Brendon DeSimone on his Zillow blog.
It does help to acknowledge and accept that it will be stressful. Brendon lays out, with broad strokes, what your options are and lists several steps to take, depending what kind of market you’re in vs. what kind of market you’re moving to. He’s licensed to sell real estate in New York and in California, so I’m going to give you a little Seattle area update:
Because we’re in a strong seller’s market here now, if you’re both selling AND buying in this area, selling your current home is going to be easier than buying your new one. If you get your home in tip-top condition and price it right you are very likely to get multiple offers. With multiple offers, you will probably be able to get a delayed closing or a rent-back, which will give you more time to settle on your purchase.
If you own your current home outright, or have a great deal of equity, it may make sense to buy first and THEN sell. But if not, you may want to set up a plan for temporary housing – a 3-month rental, for example, while you put most of your furnishings and belongings in storage pods like Door-to-Door or Pods.
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While moving twice probably sounds like a pain, it can make thousands of dollars difference to you – you’ll be able to take your best offer, even if they can’t offer you a rent-back period, and you’ll be able to get to know the market from the purchasing side rather than just rushing in and bidding up the first house or condo that seems like it might work.
Contact me for ideas about your specific situation!