5 Tips for Buying and Selling a Home at the Same Time

The home buying and selling process can be complex and stressful. Buying and selling a home simultaneously only adds to the complexity and stress. While you can't control every step in the process, some planning will make the process goes much smoother.

Here are 5 Tips for Buying and Selling a Home at the Same Time

1. Find an Experienced Agent
   An experienced agent can help you navigate the complex process of buying and selling a house simultaneously. They've done it many times before and understand the issues you may encounter and solutions to them. They can use their experience and local market expertise to answer your questions, help you determine the market value of your home, help you negotiate the price, provide tips to get your home ready for sale, and discuss timing, strategies, etc. An experienced agent can offer options you may not be aware of, such as sale or settlement contingencies, extended closing, financing options, etc.
   
   
2. Understand the Housing Market
   Understanding the housing markets where your current and future homes are located can help you make some crucial decisions about pricing, timing, and more. If you're in a buyer's market…There is a high inventory of homes for saleHomes sell for less than the original listing priceSellers offer buyers incentives, such as paying for closing costs or credit for new appliancesHomes are on the market longer If you're in a seller's market…There are few homes available for sale for buyers to choose fromHomes sell more quicklyBuyers need to make quick decisions or risk losing a home to another buyerSellers receive multiple competing offersSellers don't need to make as many (if any) concessionsHomes sell for more money, often over the asking price.
   
   
3. Understand Your Finances
   Check your credit score. Talk to your financial planner and mortgage lender to determine how much liquid cash you have available, how much equity you have in your current home, and what loans you may qualify for. "Home equity is the amount of your home that you actually own," Rocket Mortgage explains. "Specifically, equity is the difference between what your home is worth and what you owe your lender." There are five different types of mortgages availableConventional loan – Best for borrowers with a good credit scoreJumbo loan – Best for borrowers with excellent credit looking to buy an expensive homeGovernment-insured loan – Best for borrowers who have lower credit scores d-rate mortgage – Best for borrowers who'd prefer a predictable, set monthly payment for the duration of the loanAdjustable-rate mortgage – Best for borrowers who aren't planning to stay in the home for an extended period, would prefer lower payments in the short-term and are comfortable with possibly having to pay more in the future.
   
   
4. Prepare Your Home
   Preparing your home for sale can help it sell more quickly and at a higher price. Preparation may include cleaning, decluttering, de-personalizing, painting, repairing, and/or updating. You never know how long this process may take, so it's good to start it earlier rather than later.
   
   
5. Decide if You're Going to Buy or Sell Your House First
   Now that you understand your finances and the housing market, it's time to decide if you should put your home on the market and delay your search for a new home until it's sold, wait to put your existing home on the market until you find a new home, or put your existing home on the market while searching for your new home. Each has pros and cons, and – at the risk of sounding like a broken record – an experienced real estate agent can help you make that decision.

Are You Ready to Buy or Sell a Home?

Are you looking for an experienced real estate agent? Contact Pete Heim today at 610-745-3378 or 610-898-1441 or connect with him online. He's been serving Berks County buyers and sellers with pride for over 35 years. Put Pete's experience to work for you!