In a perfect world, buyers would be able to look for a new home without any strict timeline or other major financial commitments to speak of. However, that's rarely the case. Most people looking for a new home still have to sell their old one, and often, they have to handle these processes simultaneously. It can be a real challenge to buy and sell a house at the same time, even for a seasoned homebuyer.
With solid planning, a good understanding of the real estate market, and a detailed schedule, it's possible to manage both of these real estate transactions successfully. These tips will give you the insight and guidance you need when looking for homes for sale in Kingsland, TX
, while also trying to sell your existing property.
1. Get a good understanding of the local market
Before you start preparing your property to sell and well before you start looking for new homes, you'll need to do a deep dive into the local real estate market. If you're buying a home in a different city or state than where your current house is located, this will be slightly more complicated. You’ll need to do adequate research to determine if the market where you're selling is a buyer or seller's market
and do the same for the market where you plan to buy.
Depending on the type of market, you might expect to spend a lot longer looking for a home or selling the one you're currently in. It can also help you to understand how much work you will need to put into the property you plan to sell. By knowing this information upfront, you'll be better prepared to outline a successful buying and selling strategy.
2. Work with an experienced realtor
As with any real estate transaction, working with an experienced realtor who has your interests in mind can give you a better chance of securing a successful deal. It is especially crucial, however, to work with a realtor when you are trying to buy and sell a house at the same time. From helping you prepare your home for listing by determining if any upgrades are needed to working with you to gain a better understanding of the local real estate market, a realtor can be an invaluable resource throughout the process.
3. Make a detailed schedule
There are pros and cons to selling your existing home first compared to buying a new one first, but by sitting down and writing out a schedule, you can figure out which option might work best for you. Think about what will make your move as easy as possible, as well as the advantages of selling first compared to buying first. Will you be able to handle two mortgages in case you find the perfect home before your current one sells? This is a question that a detailed schedule and well-written plan can help you answer.
4. Figure out your financing early
There's a lot of preparation involved when buying and selling a home at the same time. To make the process easier, make your budget early on, ideally before you list your home on the market. By getting your financing squared away and establishing what kind of new mortgage you want, you'll be better prepared to take action when you find your new property.
If your current mortgage is one that you're happy with, talk to that lender about any other financing options they have available for you. Don't hesitate to interview new lenders. Shopping around can often result in better deals.
5. Plan for bumps in the road
Ideally, everything will go according to plan. However, this is rarely the case. As with nearly every real estate transaction, there will likely be a small unexpected development that derails things, whether it's finding structural issues or plumbing problems in a property you love or having a buyer's financing fall through. The best way to prepare for these bumps in the road is to go into the process with the understanding that things rarely go perfectly smoothly in real estate.
Working with a realtor is another excellent way to prepare for these eventualities. Your realtor can give you a heads-up when something unexpected occurs or let you know if something is likely to not go according to plan. Often, just having their support can be a game-changer when balancing multiple real estate transactions.
6. Don't rush into any decisions
Many people who buy and sell a home at the same time find themselves in a tough spot when their current home sells before they've found a new one. If this is your situation, don't panic. This is a normal occurrence, and as long as you've prepared your financing and are working in the most efficient manner possible, you'll find the perfect property for you.
Don't rush into placing an offer on a home out of fear that you won't find something you like. At the same time, don't rush to accept the first offer that comes across for your current property, especially if your realtor thinks you'll likely get a better offer.
7. Have a backup plan
To better protect yourself while buying and selling a home at the same time, establish a backup plan. Your current property might sell well before you find a brand-new home, and if that happens, you don't want to rush into a less-than-ideal situation. Getting a short-term rental property is a good solution that can serve you well and allow you to go at your own pace when shopping for a new home.
LandMasters Real Estate can help
With a little planning and the assistance of a dedicated real estate agent, you'll be well-prepared to buy a brand-new dream home, all while selling your current one for a hefty profit. For all your Kingsland, TX, real estate needs, LandMasters Real Estate is ready to assist. Whether you're looking to buy and sell a house at the same time or purchase an investment property, their experts have the prowess and custom-tailored services to ensure you reach your real estate goals and beyond. Contact LandMasters Real Estate
to learn more.