It was so easy being a first-time homebuyer, especially because you didn’t have to worry about paying a separate mortgage for a house you were trying to sell. We know the feeling, and we want to help. It is not impossible to be both a buyer and seller on the market, but it will take work. In a perfect world, it would be easy to just buy a new home, settle, and then begin selling your old home. Don’t worry, we are here to help with a few ideas for you to get started on your buyer/seller journey.
First Things First
The first thing you really need to be aware of is the market you will be selling, as well as buying, your house in. When looking in areas to buy or sell, be aware of what the spectrum is leaning toward. Is the market aimed more towards buyers or sellers?
Also, be sure to appraise the house you are selling fairly. Hire an appraiser so you aren’t over-selling your home and forcing yourself into a bubble of paying two mortgages.
Should You Buy or Sell First?
Now, you might be wondering, should I buy or sell first? Which one would benefit me more initially? Well, like most things, you must weigh your options equally. Selling first means you’ll have an easier time getting a mortgage, but then you’ll need to find a place to stay in the meantime. Buying first means you’ll have a place to live right away, but you’ll have to deal with two mortgages if your house isn’t selling or on the market right away.
In all reality, it’s important to remind yourself that this will not be the smoothest course to take. When you’re a seller, you must deal with potential buyers. When you’re a buyer, you must deal with potentially sellers. Doing double duty means double the amount of effort needed in both processes. Be prepared for any financial setbacks, because this option is doable, but can get rocky.
Most Importantly: Relax
Most importantly, don’t let your nerves get the best of you. If you sold your home but can’t find your next dream home, don’t left the anxiety of finding a place push you towards a bad decision. As long as you plan ahead and keep your options open, you can sell and buy your home simultaneously. Take a deep breath, and it’ll all work out.