Selling Your Home and Buying Your Future Home:
Tips from Your Local Realtor
Article by | Cherry Ruffino
For many homeowners, selling their current home and buying their future home at the same time is a major life transition. It’s a delicate balancing act that requires planning, precision, and patience. As a Texas Realtor, my team and I have worked with countless clients navigating this process, and while it can be challenging, there are ways to minimize the stress and maximize success. Here are some practical tips to help you manage the dual process of selling your home and finding your dream home simultaneously.
1. Start with a Clear Financial Picture
The first step is to assess your financial situation and determine how much equity you have in your current home. This will give you an idea of your budget for your next home. Additionally, it’s essential to meet with a lender to get pre-approved for a mortgage on your new home. Knowing your purchasing power early on will help you make informed decisions throughout the process.
Getting pre-approved shows sellers that you are serious and financially ready to make an offer. It also prevents you from falling in love with a home you can’t afford.
2. Timing is Everything
Coordinating the sale of your current home with the purchase of a new one requires precise timing. Ideally, you’d want to close on your new home the same day or shortly after selling your current home to avoid temporary housing or costly bridge loans. However, this isn’t always possible.
One option is to include a “sale contingency” in your offer, which makes the purchase of your new home dependent on selling your current home. While this can protect you, in competitive markets, some sellers may be reluctant to accept such an offer. In this case, having a backup plan, such as short-term rental housing or staying with family, can give you more flexibility.
3. Consider a Leaseback Option
A useful tool that many sellers in Texas use when buying and selling homes simultaneously is a “leaseback” agreement. A leaseback allows you, as the seller, to stay in your home for a set period after closing (usually 7-60 days) while paying rent to the new owners. This gives you extra time to finalize the purchase of your new home without the pressure of moving out immediately.
While this option might be appealing, it’s important to negotiate favorable terms with the buyer, as not all buyers will agree to this arrangement. Additionally, you’ll need to ensure your next home will be available within the leaseback period.
4. Prepare Your Home for Sale Early
When you’re trying to buy and sell at the same time, it’s crucial to prepare your current home for sale as early as possible. This means making necessary repairs, decluttering, staging, and photographing your home. The real estate market can move fast, so having your home ready to list as soon as you find your dream home can save valuable time.
Work with your Realtor to determine the optimal time to list your home. In the Brazos Valley, spring and summer tend to be the busiest months for real estate transactions, but this can vary depending on local market conditions and other factors. Listing at the right time can help you sell quickly and at the best possible price.
5. Be Ready to Compromise
While the goal is to sell your current home and move into your dream home without hiccups, it’s important to remain flexible. You may need to compromise on some aspects of the timing, location, or features of your next home, especially if you’re buying in a competitive market.
Additionally, you may have to be open to negotiating with potential buyers. For instance, offering to cover some of the buyer’s closing costs or agreeing to a faster closing may help facilitate the sale of your home. Similarly, when making offers on a new home, be prepared for multiple offer situations, especially when the market is hot. Having a well thought-out strategy and being willing to make adjustments will keep things moving smoothly.
6. Work with an Experienced Realtor
One of the most valuable pieces of advice I can offer is to work with an experienced Realtor who understands both the local market here in the Brazos Valley and the complexities of buying and selling homes simultaneously. An experienced agent will help you price your current home correctly, market it effectively, and negotiate on your behalf.
They will also guide you through the process of finding your new home, ensuring you don’t miss any opportunities and advising you on making competitive offers. Your Realtor will serve as a critical resource in managing the timing of both transactions, helping you coordinate inspections, appraisals, and closings.
7. Stay Calm and Trust the Process
Lastly, selling your home while buying another can be stressful, but it’s important to stay calm and trust the process. Things may not always go exactly as planned, and there may be moments of uncertainty. Having a reliable Realtor, staying financially prepared, and maintaining a flexible mindset will help you navigate the challenges with ease.
In conclusion, selling your current home and buying your future home at the same time is a significant undertaking, but with the right approach, it can be a seamless process. By starting with a solid financial foundation, being flexible with timing, preparing your home for sale early, and working with an experienced Realtor, you’ll be well-equipped to make your dream move a reality.
Cherry Ruffino is not just a name, but a trusted brand built on her integrity, diligence, and unparalleled customer service in real estate here in the Brazos Valley. Who you work with matters. Cherry Ruffino and her team are
committed to making a better experience for their clients through the life transitions of buying and selling real estate.
979-691-4663
info@cherryruffino.com
CherryRuffino.com