Real Estate Balance
It’s a common scenario: your family is growing, your income is increasing, you’re going through a divorce or you are just ready to expand the size of your current home. In any case, you are ready to sell your current house and buy a new home. Navigating the dual roles of being a seller and a buyer at the same time can seem like a challenge, but it doesn’t have to be. Here are some tips on real estate balance that may help. (Need advice right now? Contact Us!)
Know Your Market
Before you start searching for your new house, you should understand the current state of the housing market. Your current house may be located in a Sellers market while the area where you’d like to buy may be located in a Buyer’s market or vice versa. Your Realtor should be able to help you understand the current market conditions and their impact on your buying and selling decisions. Having a dedicated Buyer and Seller’s agent that work as a team is a real bonus since they can work together to help reach your goals! If you’d like a team approach, The Donnelly Group has it!
Balance the Timing
Most homeowners want to avoid paying two mortgages at once. Some homeowners decide to sell and then rent before buying their next house to avoid the overlap. Others take the approach of buying the new home and renting the first. Another option is to sell your home with a rent-back option providing you additional time before moving. The Donnelly Group has helped many homeowners and homebuyers navigate through this process and can help you weigh the best options.
Sequence of Events
It’s always wise to get pre-qualified, then put your house on the market, then start looking for a new home. When the timeline is carried out this way, it sets you up for a successful and fulfilling process. If you look for homes first, you can find yourself disappointed if you don’t qualify. In some cases, you may not qualify until your current house sells.
You may also be able to rent back your existing house until you are able to locate a new home. Some sellers choose to rent out their current home during the transition. The experts at The Donnelly Group can help you determine which options are best suited for your situation. Visit www.TDGMoves.com for resources and information or to schedule a consultation.
Don’t forget to check out our latest guide: 10 Ways To Sell Your Home Quickly