Q: How Do You Buy and Sell at the Same Time?

Here are three strategies you can pursue if you need to buy and sell.

So you need to sell your current home in order to buy your next one—what do you do? In today’s market, this can be complicated because inventory is so low. However, there are three strategies you can pursue.  

The first is to sell your current home so you'll have the proceeds to make your next purchase down the road. This may require staying with family, friends, or renting a place until you find the home you want. The benefit here is that you can buy at the pace you want and not be in a rush. 

You can also sell your current home, find your next one, and have the closings on the same day. This way, you have the proceeds for your next purchase and won’t have to find another place to stay in the meantime.

Those two are the most common strategies, but the third you can try is to buy your new home first and list your current home later. Part of the reason this strategy sometimes applies is that homes are selling so quickly in certain price ranges. 

Whether you list now and buy later or buy now and list later, you’ll need a contingency to sell your home as part of your purchase contract. A lot of sellers don’t like this contingency, though, because it’s so open-ended and can lead to a host of issues. 

That’s why it’s important to go over these strategies with your agent and pick the best solution. If you don’t have an agent, give us a call and we’d be happy to schedule a free consultation. If you have any other real estate questions, feel free to reach out to us as well. We look forward to hearing from you.