Whenever I talk to a seller and they want to buy another home in the area, they are always curious how they transition from their current home to the new home. With the lack of inventory in the area these days, they are concerned about being “homeless” after they sell.
I’ve had virtually all of my seller clients transition smoothly into their new home. Here are the three most popular options I discuss with them:
- Buy first – If you are comfortable with it, and can qualify for both your current home and new home, I would buy first then sell your current home. The advantage is that you’re non-contingent (stronger offer) when buying the new home, but the risk is higher.
- Sell and rent back – This is the most popular option. You would list your home and let potential buyers know that you would need to rent back for 30-60 days to give you time to find and close on a new home. This gives you 60-90 days total (including the contract period) to find a new home and get it under contract. You do have to have a “plan B” in place, but this will work most of the time.
- Sell and double move – If you are risk-averse or have no idea where you want to live, this may be a good option. You would list your home and move into a temporary home (apartment, family, friends) until you close on your new home.
If you would like to discuss your situation, give me a call!