Feeling emotional over your home sale? As it turns out, you’re far from alone: research shows that over a third of U.S. adults admit that the home-selling process left them in tears! This feeling is compounded when you’re trying to sell and buy a home at the same time, as the uncertainty of the prices and timing can be enough to make anyone stressed.
Fortunately, there’s plenty you can do to alleviate feelings of anxiety. If you’re selling a luxury home and buying another, from reconsidering your timeline to finding the right help. Here’s what you should know to succeed.
1. Consider Your Financial Security
Depending on the timing of your closings—which may or may not happen on schedule—you might end up paying two mortgages for a short time or end up without the money for a down payment on your next home. Go over your finances to decide whether or not you can afford unexpected fallout in the worst-case scenarios.
Make sure to prepare a safety net in case your closings don’t happen on schedule. This can include renting out your current home, finding a rental home, or doing a rent-back agreement.
2. Be Prepared to Negotiate Your Timeline
When it comes to buying and selling homes fast, it’s important to know that the average process takes 70 days from listing to closing.
However, don’t forget that you often have the power to negotiate the timeline as part of your terms. As part of the closing processes during your home purchase and sale, make sure that the other party agrees to close on a specific date.
In some cases, of course, you put yourself at risk with this strategy. For example, if you’ve settled on a new home and the buyer for your current home won’t agree to the closing date or a short delay, they might not close. You, however, may still be obligated to close on your new home, even without a successful sale.
3. Hire the Right Team
It’s safe to say that now isn’t the time to try the For Sale By Owner route, especially if you’re inexperienced in real estate! It’s true that your agent’s commission can ramp up the costs of selling a home, but it’s often money well spent.
An expert agent can be worth their weight in gold if you want to move fast when selling and buying a home, as they’ll have more experience ensuring that all of your moving pieces stay in motion. In addition, they’ll often be able to connect you with other professionals they trust who can help you speed things along, including reputable stagers, photographers, inspectors, and more.
Be Smart When Selling a Home and Buying Another
Selling a home and buying another at the same time is a tricky prospect, but a few simple tricks can help you make the most of your timing. Working with an expert team always helps, especially as you work to communicate with multiple parties. Don’t forget to take a hard look at your finances and to consider all related fees to sell a home and buy another: only you can decide when you’re in a good place to take on this challenge!
Want more tips to help you with common real estate issues? As you work toward buying and selling your home, check out our other content for additional insights.
