METCALF MOVING BLOG
Selling Your Old Home and Buying a New One Simultaneously
Relocating can be a complex affair, especially when coordinating a household move with buying a new home and selling the current one. It’s like walking a tightrope, balancing two significant transactions. But with the right strategy, you can sidestep unnecessary stress and make this transitional period a smooth one.
Know the Local Market Inside Out
Before you dive into any real estate transaction, it’s crucial to get a grasp of your local market. Are home prices rising or falling? How fast are homes selling in your area? Knowing these details can help you make informed decisions about when to list your current home and put an offer on a new one. Contacting a reliable local real estate agent can provide insights that books and websites might lack.
Timing the Sale and Purchase
Timing is everything. Ideally, you want both transactions to align perfectly, but that’s not always realistic. Consider making the sale of your current home contingent upon finding a new one. Alternatively, you could arrange for a rent-back agreement, allowing you to stay in your sold home a bit longer while you finalize the purchase of your new abode. Flexibility is your friend here.
Secure Your Finances
Finances are the backbone of any successful property transaction. Ensure you’re financially prepared by securing pre-approval for a mortgage on your new home while you’re selling your current one. Having pre-approval not only locks in a better interest rate but also gives you an edge when competing with other buyers. Evaluate your budget to account for all potential costs, including moving expenses, repairs, and the cost of new furniture.
Streamline the Selling Process
Getting your home market-ready should be a priority. Unclutter each room and stage the house to appeal to a broad audience. Consider minor repairs or touch-ups that can enhance your home’s appeal and value. Hire a professional photographer—listings with better photos attract more potential buyers. The goal is to make your home irresistible in a crowded market.
Keeping Up With Inspections and Appraisals
Get a head start on inspections and appraisals. Knowing the condition of your current home can give you a better idea of what to expect when negotiating with potential buyers. At the same time, having a new home inspected thoroughly ensures you’re not stepping into any unwelcome surprises. It’s about securing peace of mind for both the property you’re leaving and the one you’re moving into.
Avoiding the Stress of Overlapping Mortgages
If the stars don’t align and you find yourself owning two homes simultaneously, ensure you have a plan in place to manage overlapping mortgages. Short-term rental agreements or bridging loans can provide a temporary cushion until your old house sells. Consult with your financial advisor to explore options that won’t overextend your budget.
Make the Move
We’re here to ensure you complete your household without a hitch. Let us manage the logistics while you focus on settling in. Contact us to discuss how we can assist with every step of your relocation, making your move a memory worth cherishing.
