7 Ways to Conquer Buying & Selling Your Home at the Same Time

Buying and selling a home at the same time can be challenging, especially if you’re moving to a whole new location. While completing one transaction before you start the next may seem more straightforward, many homeowners want to keep the process as quick and efficient as possible by doing both simultaneously.

To navigate buying and selling, partnering with a local realtor is essential. From there, you’ll want to know the critical steps involved in both processes. By following these tips, you’ll learn how to conquer buying and selling simultaneously.

No matter where you’re buying and selling, you’ll want to investigate the local market trends. Understanding supply, demand, and pricing can help you plan for both transactions. For instance, Old Lake Highlands homes for sale have been in demand in the past year, driving prices up slightly and keeping the market competitive. Some properties may receive multiple offers, which can be helpful to know whether you’re buying or selling in the area. Buyers can strategize about how to put in top offers, while sellers can expect a well-prepared home not to linger too long on the market.

 

When you’re buying and selling a home at the same time, reviewing your finances is going to be one of the most critical steps. Particularly at the beginning of the process, you want to know whether you will take out a mortgage loan and how much you will put towards a down payment. It can be challenging to navigate both buying and selling simultaneously, so planning is a critical next step as you review your income, potential sales earnings, and existing debts you’re paying off.

There are a few ways to approach a buy-and-sell. You may want to find a buyer for your current home before looking for Old Lake Highlands homes for sale. Or, you might want to find and secure a new property while still selling your current one.

Each approach has pros and cons. Buying before you sell means taking out an additional mortgage but ensuring you have a place to move into. Selling before you buy could mean moving to a temporary home, but it also allows you to put those earnings toward your new property.

Ultimately, you want to ensure your plan works for you financially and practically. If you need to be in your new home by a specific date, ensuring you have your property lined up there ahead of time will be more critical. However, if you want to use some of your earnings towards your new property, you’ll want to field a strong offer before you start the buying process in earnest.

 

Applying for pre-approval is crucial in any home purchase. Even if you know you’ll put some of what you earn towards your new home, applying for pre-approval can help you transition smoothly from one home to the next. Anyone buying and selling a home at the same time should look for lenders who offer bridge loans or home equity loans, which are designed to make these kinds of transitions easier. If you cannot complete one transaction before starting the next, these types of loans can take into account that you’re doing both at once.

Once you have your plan in place, you can start the buying process by exploring properties for sale. Your realtor can help you brainstorm a list of your preferred home styles and amenities. Luxury homes for sale in Old Lake Highlands are stunning, coming in various sizes and architectural designs. Narrowing down your list of features will help keep your home hunt brief and effective, as your agent can pinpoint the properties that will best meet your needs.

As you browse homes for sale, you’ll want to get your current property ready for listing. Professional services like home staging and photography are a must to draw in the most buyers. Homeowners should always start by decluttering their homes and packing away as many personal items as possible. Then, a home stager can determine whether to use what the homeowner has or bring in new items to appeal to the most buyers.

Once a home is staged, owners want to hire a professional photographer with real estate experience. Most buyers start their home hunt online, and, as you’ll discover from your home hunt, photos can make or break a buyer’s first impression. With high-quality photography and professional staging, homes can sell faster and for more than unstaged properties, allowing buyers to imagine themselves at home in the space.

 

To sell your home quickly, the right timing and price can make all the difference. Your realtor will be able to provide you with insight into when buyers are most active in your local market. That will give you a sense of when to list for the most offers. But pricing matters, too. Buyers will look past homes that seem over and undervalued. It’s always helpful to have your realtor run a comparative market analysis to provide a realistic estimate of what your home could bring in.

To conquer buying and selling your home simultaneously, it’s crucial to partner with a top realtor. Albany Shaw knows the greater Dallas area through and through and has partnered with hundreds of clients in selling and buying homes in the area. If you’re interested in working with one of Dallas’ best, get in touch with Albany Shaw and start the process today.