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June
25
25
How to Buy a Home and Sell Another at the Same Time
Our real estate agents have helped folks buy and sell houses all over Minnesota, but many homeowners face a particular set of challenges when they're trying to buy one home and sell another home at the same time.
If first-time homeowners have one advantage, it's the ability to buy a new house without already carrying around their previous mortgage. Here are five tips for selling your old house and buying a new one without getting stuck paying two mortgages at the same time.
- Know the Market
Before you make any solid plans, it's important to understand your local real estate market (and this is an area where an experienced real estate agent can really help you). Essentially, you have to decide whether to list your home for sale first and look for a new house later, or go house hunting first and sell yours afterward. The biggest deciding factor is whether you're living in--and moving to--a buyer's market or a seller's market. - Plan Carefully
In a buyer's market, selling your home might be the more challenging of the two tasks. In a seller's market, vice versa. Proceed carefully, as each has its risks and rewards. On one hand, selling first makes getting a mortgage easier, but also means you may need to find a temporary place to live (and store your stuff) while you nail down your new house. On the other hand, buying first makes moving easier, but often makes it harder to qualify for a new mortgage, to say nothing of the difficulty of temporarily juggling two mortgages at once. - Expect Complications
Remember that you're not only dealing with your own schedule, but also that of the person who is buying your old house, and that of the person who is selling you your new one. In a perfect world, you'll be able to move out of your old house one day and move into your new one the next, but our best intentions don't always line up with reality. It's rare that everything works out perfectly for everyone, and if you're prepared to hit a snag or two, it will come as less of a shock if everything doesn't line up perfectly. - Have Contingencies In Place
The bottom line is, don't rely too much on the timing being perfect. Have a plan in place in case your house ends up selling for less than you hoped, you end up with two mortgages at once, or you end up having to store your things and rent for a short time. If you and up selling first, one option is a rent-back agreement, in which you essentially get a period of time to rent your old home before the new homeowners move in, giving you extra time to find a new permanent residence. If you end up buying first, talk to your real estate agent about options to decrease your risk and financial burden, like bridge loans and contract contingencies. - Don't Give In To Fear
Fear and anxiety lead many sellers to make bad decisions. Don't feel pressured to accept a bid that's too low, or choose a new home that isn't right for you just to move the process along. Plan carefully, get assistance from an experienced real estate agent, and consider preemptively planning on a short-term rental to hold you over between selling one home and buying another.
Contact Counselor Realty today to learn more about buying a home, selling a home, or both! We've helped countless Minnesotans reach their homeownership goals and are ready to help you.