Buying and Selling a Home at the Same Time? Here’s What You Need to Know

If you currently own a home and want to buy a new property, the chances are you’re going to have to navigate selling your current home and buying your new home at the same time. But what, exactly, does that look like? What do you need to know to successfully buy and sell property simultaneously?

Navigating this process of buying and selling a home simultaneously can feel overwhelming, but with careful planning, guidance, and the right Realtor®, it’s entirely manageable and the process can be smoother than you realize. 

• You Likely Have Equity to Work With
  If you’ve owned your home for several years, there’s a good chance you’ve built up equity due to market appreciation and mortgage payments. This equity can be a powerful tool when purchasing your next home. It can help cover the down payment on your new mortgage or, if you’re downsizing, position you to make a competitive cash offer. Work with your lender and real estate agent to understand how much equity you can tap into and how it fits into your next move.  
• Sellers Are More Flexible in Today’s Market
  Compared to the past few years, sellers are now more open to accommodating buyers who need to sell their current home first. This flexibility can include accepting offers with contingencies, such as selling your home before closing on the new one. These scenarios are becoming more common and can make simultaneous buying and selling more feasible.   
• Understand the Pros and Cons of Selling First vs. Buying First
  A critical decision in this process is choosing whether to sell your current home before buying or vice versa. Each option comes with unique advantages and challenges. Selling first ensures you know exactly how much you can spend on your next home, but it might leave you scrambling for temporary housing if you haven’t found a new place in time. Buying first gives you the certainty of having a new home lined up but can pressure you to sell quickly, potentially at a lower price. Your real estate agent can help you weigh these options based on your financial situation and local market conditions.  
• Work with an Experienced Realtor®  
  Perhaps the most important step is partnering with a real estate professional who has experience navigating simultaneous transactions. They can guide you through timing your sales and purchases, negotiating contingencies, and coordinating closings to align with your goals. An experienced agent can also help connect you with reputable lenders, inspectors, and other professionals to streamline the process.  

Buying and selling a home at the same time requires strategy and expertise, but with the right team and preparation, it can be a seamless transition to your next chapter. Don’t hesitate to reach out!