How to Buy and Sell a Home at the Same Time

Estimated reading time: 3 minutes

When you own a home that you’ve outgrown, it may be time to move on to a new one. Successfully selling your home and purchasing another at the same time can be tricky to coordinate and plan. With so many moving parts, it’s important to strategically plan for two successful transactions.

Assemble Your Team

Buying or selling a home without a Real Estate Agent is difficult with just one transaction. Combining both these transactions should be done with the help of professionals.

Together, a Real Estate Agent and Licensed Loan Originator can increase your chances of success. Your Licensed Loan Originator can help you with your affordability and home financing. A Real Estate Agent that knows your local market can help you time your transactions and assist in negotiations. Additionally, using the same agent for both transactions can save you some headaches, as they’re already familiar with your needs and can streamline communication.

Evaluate Your Finances

Ideally, experts recommend selling your home and purchasing the other within a few days of one another. However, it may not be possible in your situation. There are steps you can take to ensure your finances are at their best for your transactions.

Obtain a Pre-Approval

A mortgage pre-approval can help provide financial assurance to you and your Real Estate Agent. This letter provides you a realistic look at how much house you can afford and what programs you could qualify for. On top of everything, a pre-approval will enhance your purchase offer by showing home sellers that you have the financial means to make your mortgage payments.

Determine the Market

Buyers and sellers behave differently, depending on what the housing market is like. In a buyer’s market, inventory is often higher than buyer demand and homes may take longer to sell. This provides more opportunity for prospective buyers to negotiate or bargain. On the inverse, a seller’s market is known for tight inventory and demand exceeding supply. This can lead to multiple offers on a home and bidding wars. Your real estate agent can help you develop a strategy depending on what the market favors.

Plan Your Negotiations

When it comes to negotiations, you can ask for more than just the price. You can also negotiate your closing timeline and repairs as well. An extended closing, as an example, allows you more time to stay in your home before moving to your new home.

Stage Your Home

Your listing agent can provide guidance on how to best present your home, such as making necessary repairs, updating listing photos, and staging. Staging your home could include cleaning, decluttering, and arranging furniture in such a way that allows potential borrowers the opportunity to see what your home could look like. According to a National Association of Realtors report, 20% of buyers’ agents said that staging a home increased the dollar value offered between 1-5% when compared to similar homes on the market that were not staged in 2023.

Navigating Your Home Financing Journey

Buying a new home or selling your existing one can be an emotional experience, but you’re not in it alone! Contact us today to be paired with a Licensed Loan Originator that will be by your home financing guide.