Selling your home while buying a new one can seem overwhelming, but by planning carefully, it can be stress free! We all know the saying about being stuck between a rock and a hard place. And that’s often the exact problem most homeowners find themselves when trying to sell their home and buy another. A seamless sale and buy is the dream, but today’s real estate market creates a challenge for those looking to make that move to their new home.

Just in general tackling any real estate market, homeowners often feel uncertain about the best course of action, and today’s shifting market makes it even scarier. This is one of the biggest dilemmas of real estate… If you buy a new home before selling your current one, you face the challenge of owning two homes at the same time. If you sell before buying a new home, that could leave you homeless! This very real, and very scary, dilemma is what we refer to as the Real Estate Catch-22, and is the cause of stress for thousands of homeowners every year!

Selling or buying any home is a stressful situation, even with the best outcomes! To reduce the impact you need a game plan or playbook to follow. With this streamlined guide you can potentially avoid the Catch-22 of Real Estate altogether!

1. Review Your Finances

The first step is to get a handle on your current financial status, including the equity in your existing home and your budget for the new one. Set up a meeting to consult with your financial advisor to understand your exact borrowing capacity and any down payment requirements.

2. Get Pre-Approved for a Mortgage

Reach out to a mortgage company to get pre-approval and to clarify how much you can borrow. This will make you a more attractive buyer and streamline the process when you find your next home. This is critical! Don’t miss out on your dream home by not being prepared!

3. List Your Current Home

Partner with a real estate agent to list your home. To sell your home for the most amount of money you may want to also consider taking steps to make needed repairs or upgrades and boost its market appeal.

4. A New Strategy for House Hunting

If you’ve done every step so far, start searching for your new home before your current one is on the market. You can start looking at homes while your home is still in coming soon phase, or even before then! Go to open houses and get a feel for the current market. Be ready to make an offer quickly when you find your dream home.

5. Consider Contingencies

If possible, make your offer on your new home contingent on the sale of your current home. This gives you more flexibility and helps remove the risk of owning two properties at the same time.

6. Coordinate the Closings

Work with your real estate agent and attorney to align the closing dates for both transactions. Ideally, you want the sale of your current home to close shortly before or on the same day as the closing of your new home.

7. Prepare for a Temporary Move

If your closing dates don’t align perfectly, that’s totally fine! Just be prepared for a temporary move. Renting a short-term place or staying with family can bridge the gap between homes. Also keep in mind where your furniture and other belongings will be stored during this time, you may want to look at temporary storage options. If these options don’t line up for you, talk with your realtor about a Rent-Back option, allowing you to stay in your current home for the days/weeks.

8. Above All: Be Organized!

Keep all documents and communications organized. To protect your interests, keep all communication in written form that you have sole access to. This includes contracts, inspection reports, and correspondence with both your buyer and seller agents. If you do have a phone call, follow it up immediately with email restating the call and requesting confirmation of what was said. This is all especially critical if you’re also going through a potentially messy personal situation at the same time, like a divorce, or handling an estate for your extended family.

By following these steps, you can navigate the process of selling and buying a home with greater ease, and reduce your stress. With the right planning and professional guidance, you’ll be well on your way to a successful transition to your new home. Throughout the process you should be confident that your realtor is your advocate and is in your corner fighting for your interests.

Contact Us Today

This financial and emotional tightrope of deciding whether to buy or sell your home first, is one many homeowners feel they have to walk alone. However, Reynolds EmpowerHome Team has developed a new and innovative program that actually guarantees the sale of your home and takes away the stress of owning two homes or none at all when going to purchase a new home. Our exclusive “Guaranteed Sale Program” as an insurance policy designed specifically to remove this dilemma entirely! If Your Home Doesn’t Sell, We Will Buy It – That’s Our Guarantee! If you are looking to buy a home but have one to sell, Call Reynolds EmpowerHome Team at 571-470-5447! Never worry about missing out on your dream home from the fear of owning two homes, or none at all!