In real estate, most successful transactions are all about timing. This is especially true when buying and selling a home simultaneously, a balancing act that can cause many experienced homebuyers to feel stressed and overwhelmed. There are a lot of moving pieces with both negotiations and even with a lot of advanced preparation, you could feel in over your head.
However, there are ways to make the experience of buying and selling a home simultaneously much easier. These tips will guide you in the right direction and provide you with time-tested ways to successfully close a sale with your current home, all while locating and purchasing your new one.
1. Work with an experienced real estate agent
There are a multitude of benefits to working with an experienced real estate agent. A real estate agent can assist you in understanding the local housing market and determining a fair listing price. They can also help with scheduling appointments for both your current home and your future one.
While it is possible to sell your home independently, doing so requires significant legwork. This can be distracting while you are trying to shop around for your dream home. Consequently, a real estate agent can assist you in understanding the local housing market and determining a fair listing price. They can also help schedule appointments for your current home and your future one.
2. Understand the local housing market
One of the biggest driving factors behind how quickly you can sell your current home is the state of the local housing market. The time it takes to sell a home as well as buy one can vary dramatically depending on whether the local market is geared toward buyers or sellers. Even if you're planning on moving across town, familiarize yourself with the market there and figure out how long houses typically stay on the market.
After researching the current market conditions where you currently reside and where you plan to relocate, you can plan to list your home accordingly. Collaboration with your realtor is crucial in this regard, as they would be able to provide you with valuable insights on both markets.
3. Stay organized and on-task
Staying organized can be challenging with so many moving parts and varying deadlines. If you're working with contractors, these deadlines can be even more important. Feel free to use any management or scheduling assistant you prefer, including the calendar app on your phone or even a paper day planner.
An online project management software like Asana
might be beneficial, depending on how many tasks you are trying to juggle. By staying as organized as possible, you'll most likely avoid stress and meet all the deadlines you've set for yourself, even if they seem ambitious.
4. Don't be afraid to enlist help
You might feel as though you're the best person to handle everything related to your real estate projects, but the reality is that it's easy to spread yourself thin. By outsourcing where you can, you'll be better poised to sell your home quickly while finding your new home. If you work with a personal assistant, have them help you plan and coordinate.
Hiring a moving company is an obvious choice for help with moving into a new home, but hiring a team of organizers to help with your current property can also be beneficial. With your realtor assisting with the finer points of scheduling showings and a team of people to pack and stage your property, you'll be free to focus on looking for your next home.
5. Secure financing early
It almost goes without saying, but securing your financing early on can save you stress down the road, when you do find that perfect property. Figure out the amount of equity in your home and look into terms for your future property before you list your current home on the market. With the help of your realtor, you should also determine your home's likely resale value so you know how much profit you're likely to make.
Still, don't get too attached to any one number. Your actual profit will likely depend greatly on the state of the real estate market at the time of listing, as well as other available comparable homes in your area. Depending on whether you're looking at a buyer's market or a seller's market, you could make well over the list price or right at the number you asked for. Working with a talented realtor with an eye for potential and a solid knowledge of the local market will have you poised to make the greatest profit.
6. Negotiate your closing date
In the world of luxury home-buying, negotiation is not only common but expected. Luxury home buyers and sellers will typically extend courtesies beyond those included in a standard real estate transaction, including allowing more time for closing. While this depends greatly on the needs and schedule of each buyer and seller, it's worth asking if the person buying your home can negotiate the closing date.
Alternatively, if you find a home you're interested in buying before you receive an offer on your current home, include a flexible closing date in your negotiations. Talk to your realtor about your preference, and they'll advocate during the process.
7. Take time for self-care
Buying and selling a home at the same time can be a time-consuming venture, one that leaves little time for much else. However, self-care is essential during these busy times. When you take time to refresh your body and soul, you'll be better prepared to be successful
in your real estate ventures. Whether you enjoy a relaxing day at the spa, getting pampered from head to toe, or just an hour in your favorite coffee shop, self-care should be a necessary part of your schedule.
Malana Rudnicki can assist with any real estate venture
Whether you are looking for homes for sale in Lakeway
or plan to sell your luxury home in the near future, Malana Rudnicki can assist. An experienced realtor with a proven track record of helping her clients succeed with their real estate transactions, Malana is the expert you need on your team. If you want to buy a home while selling your current property, Malana can ensure that it's done efficiently and successfully. Contact Malana Rudnicki
today to see how she can help you!