How do you sell your current property & buy a new home at the same time?
I often hear from sellers: “we need to find our perfect property before we put our current home on the market.” My first follow-up is will you be paying cash? Or can you finance the new home without selling your current one? If their answer is no, then my logical response is usually that they need to sell their current home first. They usually counter with “we don’t want to sell our home and then have nowhere to go”, or “we don’t want to have to buy something that we’re not thrilled about out of urgency.” This is such a common concern we come across as Real Estate Brokers.
We currently have over a dozen agents here at Matin Real Estate who are actively prospecting on a daily basis. This allows us to constantly have new properties that are coming onto the market. So even if it’s not currently on the market, by pounding the pavement we can find you the right property.
Secondly, but just as importantly, when we begin to list your home, we generally take around 2 weeks to get it ready for listing. This includes things like compiling photographs and marketing materials, but also looking at the selling trends and timelines within that neighborhood. Aspects such as escrow add time to the process, even after an offer is accepted. Furthermore, there are options to negotiate more time such as Rent-back agreements with the buyer. Overall this can allow for anywhere from 4 to 8 months of time for you to find your new home once your current one has already sold.
And lastly, try to keep in mind that there is no perfect property. I’ve worked with buyers who have multi-million dollar budgets and still need to make compromises. We have to figure out the best fit for your budget and what your needs are, and go from there. Luckily, we typically have 5-7 months of time in which to do this. You’re most likely going to have to sell your current property upfront.
It is crucial though to properly market, price and negotiate upfront. That way you can get a strong offer early on in the process, which will give you the time you need to find your new home and make this a smooth transition. We have the experience to ensure that you will not find yourself homeless or in a bind as you sell your home.
Consider us your Real Estate Experts in the Portland & SW Washington areas!