6 Steps to Buying and Selling Your Home at the Same Time

Selling your home and buying a new home at the same time is absolutely doable with careful and precise planning and timing, creative multitasking, and strategic pricing and negotiating. Although you cannot control every aspect of the buying and selling process, there are steps you can take to set yourself up for success and even a same day closing!

Here are some tips on how to manage the complicated and challenging process of buying and selling a home at the same time and get you closer to closing.

Step 1: Work with a Team of Experienced Professionals

With all the moving pieces associated with simultaneously buying and selling a home, you will want to secure a team of seasoned professionals to guide you through the process effortlessly. Working with experienced real estate professions with a proven track record in your market and experience with buying and selling at the same time is the most important decision you will make.

Your agent will guide you through the entire process from planning to closing day.

Step 2: Planning and Determining Your Timeline

Many people make the mistake of waiting until they are ready to buy and sell to hire an agent, but a good plan takes precise timing. There is a lot of prep work involved before you begin looking for your new home and listing yours, so early planning with a professional will set you up for success, avoid unnecessary mistakes, and allow you to ready to put your plan in motion at the perfect time.   

Step 3: Understanding the Current Real Estate Market Trends

A good place to begin is having a discussion with your agent about current real estate trends to get a grasp on how much your home will sell for and how much you can expect to pay for your new home. Remember, the real estate market is ever-changing and understanding the current real estate market is paramount in the planning process.

Step 4: Get Ready to Sell Your Home

There is much more involved in listing your home then just putting that for sale sign in your yard and a seasoned agent understands this and will discuss and guide you to get your home ready for market.

You should discuss current buying and selling trends as well as look at comparative market analysis to price your home right. This is the time to make repairs and possibly get your own home inspection so there are no surprises when a buyer goes through their inspection period.

You will need to clean, declutter personal belongings, possibly remove some furnishings as you “stage” your home in preparation for professional photography.

Marketing plans, open houses, and your preferred times to allow buyers to view your home are among some of the other items you will need to decide.

Step 5: Getting Ready to Purchase Your New Home

It is never too early to get in touch with your lender to begin the loan application process and saving for your down payment. You will also need to have a pre-qualification letter from your lender prior to making an offer on a home. Your agent can recommend their preferred lender, but you are certainly free to use your own. Read Why Pre-Approval is so Important in the Home Buying Process

Your agent will discuss all your must-haves in your new home and should put you on an automated email home property search directly connected with the local board listings. Then, whenever a home is listed for that matches your parameter, the listing will immediately be emailed to you. No lag time, so there is no chance to miss the home of your dreams. 

Your agent will walk you through the buying process including making offers and negotiating the contract, your escrow payment, inspection period, and anything else that comes up through closing. 

Step 6: Negotiation and Timing

Obviously, you want to get the most money as you can on the sale of your home and the best possible price on the purchase of your new one; however, there are some other important items to consider. Since the goal is to close on both homes the same day; timing, negotiations, creative solutions, and keeping an open mind are crucial during the process.

Bottom Line

Buying and selling a home at the same time can be quite challenging, but working with an experienced real estate agent will help you through it and ensure consistent communication with everyone involved. It’s a process full of delicate multitasking, but these steps will help you successfully close on both homes simultaneously and keep your sanity through it all.

Looking for a professional real estate team to help you sell your home and buy a new one at the same time?

Get in touch with us:

Lew & Tina Veltri - Veltri Group of Brevard

321-341-6541

veltri@veltrigroupofbrevard.com