Selling your home when you still need to shop for a new one can feel scary, especially in the competitive seller’s market we’re in now. But, you’re not alone! Selling your home AND buying a new one can be a logistical nightmare if it’s not timed correctly. Waiting for the market to balance out may work for some, but it can also cause you to miss out on some important home seller advantages. Here are the solutions for selling your house before buying a new one.
What Will I Do If I Sell My House Before I Can Buy A New One?
Solution #1: Use all your options as a seller.
In the competitive market, like we’re in now, buyers are more likely to compromise to get the house they want. One example is a rent-back clause. The clause allows the seller to continue living in the home after closing. This option is a great short-term solution for sellers who aren’t logistically ready for their next home purchase.
With a rent-back, though, be aware of limitations from lenders like a duration of 60 days max. Make sure to discuss any liability issues with your lender too. It may be why a lender would require a seller to provide a contract and security deposit to prevent property damage or unexpected repairs during the rent-back period.
Solution #2: Do short-term housing.
The most common scenario sellers see is moving out of their old home before moving into the new one. Sometimes sellers are lucky to have friends and family to rely on and call their place a temporary home. If not, and most likely the case (unless you have some terrific friends and family!), you’ll need to find short-term housing. As your REALTOR®, I can help you find temporary housing like furnished apartments, vacation rentals, and month-to-month leases. This option may be more expensive as it could require putting your items in storage.
Solution #3: Sell now and buy later.
Instead of taking on all of the real estate-induced stress at once, create a plan to focus on each part of the home selling and home buying journey. Having a plan for each step makes it more manageable and can offer you advantages!
One advantage is having an influx of cash from the sale of your old home. This access to money puts you in a more desirable position with the market and current home sellers, as cash offers will give you a competitive edge against other buyers.
Selling your current home and buying a new home can be challenging, but it doesn’t have to be! And when you choose to work with me, it can even be fun! As your REALTOR®, I can educate you about the market and prepare you for multiple scenarios.
Contact me for a free consultation to help you review your options and decide the best route forward. Email me at Krista@BloomRealtyTX.com or call me at (830) 305-5248!