Mortgage California Blog

Are you Buying and Selling a Home at the Same Time?

September 15th, 2016

MortgageAre You Buying and Selling a Home at the Same Time?

Both buying and selling a home are very stressful. Doing both at once can be utterly crazy. Sometimes, you don’t have a choice.

Real estate is a business based on supply and demand. If there are only a few houses for sale, buyers have to compete for those available homes, making it a sellers' market. When hundreds of homes are on the market, house hunters find themselves in stronger bargaining positions relative to sellers, making it a buyers' market.

Currently here, we are a seller’s market. There are a number of new home divisions being built, and that could change the balance soon.

Start Early

Get your finances in order by checking your credit report and score to ensure there are no surprises. Work with a professional loan officer to get preapproved. And find a reputable real estate agent with experience in sell/buy contingencies. Also find a good handyman to make small but important changes to the house that you’re selling.

Most people want top dollar for the home they’re selling and the lowest price for the home that they’re buying. It may be worth your while to sell during the height of the real estate season and then buy a few months later after you’ve had time to examine the marketplace.

If that’s not possible, then you will need to be more flexible on the pricing.

Get Packing

You may need to move very quickly once the right offer comes in, so start boxing up stuff you don't need easy access to. Get rid of all the things you won't need until you've moved into your new home. This will help make your home show better and starting the packing process now will make it that much easier to move later. Rent a storage space if you need to.

Do The Quick Fixes

Repaint the walls. Repair the fence. Plant some pretty flower bowls. Do whatever will put your current home’s best foot forward.

 

While many variables can come into play when you're buying and selling property, assembling a top-notch team of advisers and doing your homework ahead of time can help ensure your real estate transactions go as smoothly as possible.

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