There are three steps you need to complete if you need to sell your current home in order to buy your next one.
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How Do You Buy and Sell a House at the Same Time?
The house you currently own may have fit your needs and wants at the time you first purchased it, but there comes a time when your needs and wants change and when you decide that it’s time to find your next home.
But, how do you go about purchasing your next home if you have to sell your current home first?
The answer to this question is not the same for everyone. Your situation is unique to you. Your finances, housing budget, timeline, goals, and desires are uniquely yours and require a strategic plan on how to tackle the process of selling your home, finding a new home and closing on that new home, all without leaving you homeless in the process.
This can naturally be a very stressful process for people and choosing to hire an experienced Realtor can make all the difference. Our agents have over 50 years of combined experience and have helped hundreds of people navigate the path of selling their home in order to buy their next home.
There are three main steps you will want to take to set yourself up for success.
3 Steps to Successfully Selling Your House to Buy a New One:
Step # 1: Learn what your current home is worth in today’s market
Getting a good idea of what your home is worth in today’s market and how fast homes like yours are currently selling for will be the basis for moving forward on the process of selling your current home in order to buy a new one. Once you know how much your home might sell for, and how quickly homes in your price range are selling for, you will have a good idea of the amount of equity you have accrued as well as a timeline in which your move might happen. One of our experienced agents can help you to get an accurate estimate by completing a thorough CMA (Comparative Market Analysis), looking at recently sold properties that are similar to your own home. Also, talking with a professional listing agent will help you know what you can do around the house to boost its value before putting it on the market.
Step # 2: Meet with a Mortgage Loan Officer to Get Pre-Approved
Homebuyers can get so excited about shopping for homes that they sometimes delay this second step however, having a conversation with a mortgage loan officer in the beginning can really set you up for success. A loan officer can help you with the tasks outlined in the first step, set up a pre-approval, and establish a budget so you know your potential interest rate and monthly mortgage payment. They’ll also address any other lending concerns you may have. With this step complete, you’ll be in the driver’s seat in terms of putting your home on the market and being ready to purchase your next one.
Step # 3: It’s time to look for new homes
Looking at new homes is definitely one of the most enjoyable parts of the home buying process! It’s also the third step—not the first. Oftentimes, people tend to do these three steps in reverse, which can lead to frustrations and heartbreak. Ideally, you should only start looking for homes after you’ve completed the first two steps; learning what your home is worth and speaking to a mortgage loan officer. With the professional support of your lender and your Realtor, you will have a good idea of what your potential equity amount might be from your current home’s sale - giving you a solid budget for the new home.
Our website is a great resource to search for homes as it updates constantly with up-to-date and accurate data coming straight from the MLS (Multiple Listing Service). Some people like to also physically drive through neighborhoods and areas to look at homes for sale and get a feel for communities and neighborhoods. We now have a helpful property search app you can download to your phone that allows you access to all the listing details you will want to know as you are driving around.
These three steps are the foundation of selling your home to buy a new one. How you transition between homes can be done in many different ways. Everyone’s situation is different which is why we here at West Real Estate Group custom tailor a free buying and selling plan that is aligned with your goals, timeline, and needs. Don’t find yourself frustrated and heartbroken. We love answering questions and can easily outline your options. It’s an amazing market out there, and it’s time for you to take advantage of it.
If you have any other real estate questions, feel free to reach out to us as well. We’d love to hear from you!
Powered by Technology to Help You Buy & Sell Safely
When it comes to buying and selling homes safely in this new world, no matter where you are or what situation you’re in, we’re here to help. Learn more about how we have adapted to help you safely buy and sell a home.
We want to let you know that we at West Real Estate Group are here to help in any way we can.
Please call us at 208-501-8200
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