Buying & Selling: Which Should Come First When Attempting Both Simultaneously?
Finding the perfect home in the right neighborhood, school district, and a home with all the features you want can be a daunting task. Throw in trying to sell your current home into the mix and you've got even more complications to sort through. You may be wondering how exactly you plan to buy a home at the Lake of the Ozarks and sell your current home simultaneously. Your favorite real estate agents at the Lake of the Ozarks has some advice and strategies for you to consider.
What Do Your Financing Look Like?There is no clear black and white answer because everyone's situations vary depending on how their finances look. If you have disposable funds for the down payment, then you won't have as much of an issue teeter-tottering between selling your home and buying another one. Whereas if you need the cash from selling your home for the down payment. So what's best, buying a home first or selling your home first? Consider these scenarios below.
Low Housing InventoryIf you find that the current housing inventory is low, it may be best to sell your home first and temporarily rent until your home sells. Sure, this is not the most convenient option, but you don't want to rush into buying a home that is not exactly what you want. Plus, once you sell your home and you have cash in hand for your down payment, as soon as you find your dream property making an offer is easy.
You can always put in a contingency offer subject to the sale of your current home, but in a market that has low inventory, you are at an extreme disadvantage because the sellers may have other buyers making an offer with no contingencies.
You Are Relocating Due to a New JobIf you are moving to a new city for a new job, selling first is typically your best option. After you move, the best case scenario is that your home is already sold and you don't have to come back for closing or any other issues. Often, if you are moving to a new town you are unfamiliar with, renting for a few months to assess school districts, neighborhoods, and the housing market. After all, buying a home is a big purchase and you don't want to rush your decisions.
High Housing InventoryOn the flip side, if you find that the housing market has a high inventory, buying first can put you in a good position, even if you have to make an offer with a contingency subject to the sale of your home. You may find that your offer is accepted but that is solely the seller's decision to accept or decline your offer. If you are not financially capable of juggling two mortgages, then buying first might not be the best option.
You Have the Funds Available For a DownpaymentOf course, the cleanest and easiest way to make buying a home and selling your current home at the same time is if you have the cash in hand for your down payment without relying on the money from the sale of your home. If you have the funds available there are numerous advantages to buying first. If you buy first then you only have to move one time. Plus, if you can move all of your belongings into your new home and stage the home you are selling properly, you increase your chance to get top dollar out of your home.
When it comes down to it, everyone's situation is different and trying to purchase a new home and sell your home simultaneously will look different for everyone. That's why it's so important to have a team of real estate experts by your side. Having an experienced agent by your side to help negotiate and make your real estate transactions go as smooth as possible is a huge advantage. The Fran Campbell Team specializes in both buying and selling homes at the Lake of the Ozarks. Give us a call for a FREE market analysis and let's talk about the right strategy to get your home SOLD and find the perfect home for your family!
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