Navigating the Home Selling / Home Buying at the Same Time Dilemma

When you have to relocate to a new city, you may face a dilemma: sell your old home before buying a new one or buy a new home before selling the old one. Both options have advantages and disadvantages, and the choice depends on your particular circumstances, such as your financial situation, the real estate market in your area, and the timing of your move.

Selling Your Old Home First

Selling your old home before buying a new one is the safest option because it allows you to know exactly how much money you have available to buy your new home. You won't have to worry about carrying two mortgages or risking your credit score if you can't sell your old home in time to pay off the new one.

However, selling your home first also has some downsides. For example, you may have to move twice, which can be stressful and costly. You'll have to find temporary housing while you look for a new home, and you'll have to move all your belongings twice, which can be time-consuming and expensive.

Moreover, you may feel pressured to sell your old home quickly, which may force you to accept a lower offer than you would have otherwise, all of this after investing time and money in getting the house ready for market. You may also have to deal with the inconvenience of showing your home to potential buyers while you're still living in it, which can be disruptive to your daily routine.

Selling Your Old Home First Tips

1. Start by decluttering and depersonalizing your home. Remove any personal items, such as family photos or souvenirs, that may distract potential buyers from imagining themselves living in your home.
2. Make any necessary repairs and upgrades that can increase the value of your home. Focus on the most visible areas, such as the kitchen and the bathrooms, and make sure everything is in good working order.
3. Price your home competitively. Research the real estate market in your area and set a price that's in line with the market trends. Don't overprice your home, or you may discourage potential buyers from making an offer.
4. Hire a reputable real estate agent who knows your local market. A good agent can help you price your home correctly, market it effectively, and negotiate with potential buyers.
5. Be prepared to negotiate. You may receive offers that are lower than your asking price, but that doesn't mean you have to accept them. Work with your agent to negotiate the best deal for you.

Buying Your New Home First

By buying your new home before selling your old one you won't have to worry about finding temporary housing or moving twice, which can be a significant advantage if you have a family or a busy work schedule.

Moreover, buying your new home first can give you more time to find the right home for your needs and preferences. You won't be in a hurry to find a new home before your old one sells, allowing you to negotiate a better price or wait for the perfect home to come on the market.

However, buying your new home first can also be risky. If you can't sell your old home quickly enough, you may have to carry two mortgages, which can be a financial burden. You may also have to accept a lower offer for your old home if you're in a hurry to sell it, which can hurt your bottom line.

If you're not familiar with the real estate market in your new area, you may end up buying a home that doesn't meet your needs or doesn't appreciate value as much as you expected. You may also have to deal with the stress of managing two homes at the same time, which can be challenging if you're not prepared for it.

Buying Your New Home First Tips

1. Start by researching the real estate market in your new area. Look for homes that meet your needs and preferences, and compare prices and features.
2. Hire a reputable real estate agent who knows the local market. A good agent can help you find the right home, negotiate the best price, and guide you through the buying process.
3. Get pre-approved for a mortgage. Knowing how much you can afford can help you narrow down your search and make a more informed decision.
4. Be prepared to carry two mortgages if necessary. Make sure you have enough savings to cover both mortgages if you can't sell your old home in time.
5. Be patient and don't rush into a decision. Buying a home is a significant investment, so take your time and make sure you find the right home for your needs and preferences.

The Solution: Selling for Cash to Simply Homes

Listing your home with a Realtor can be a complicated process with many moving parts, causing delays and unexpected costs. However, when you sell your home for cash to Simply Homes, you can simplify the process and avoid inspections, repairs, and lender approval. Selling for cash saves you time and money, allowing you to focus on your relocation.

Simply's Local Experts can provide an as-is cash offer and close the sale on your timeline, freeing you from the stress of repairs and renovations. Just enter your address to receive an instant offer and move one step closer to selling your current home and purchasing your new one.