Why make an already difficult process even worse? Here’s what to avoid.
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There are a few mistakes people make when they’re selling their current home and buying a new one at the same time. Here are the six things you want to avoid doing:
1. Waiting too long to prepare the home for sale. You may be spending too much time on the buying process compared to getting your current home ready. Many people need their first home to sell before they can get another, so it’s important to get the ball rolling.
2. Not having a backup plan. We try to set up pre-occupancy plans for your next home or a post-occupancy plan for your current one. This way, you can still stay in your home for a few days even after you sell it. However, you should still have a place to go in case things fall through.
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It’s best if all the moving parts are handled by one agent and one team.
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3. Not getting pre-qualified early enough. If you don’t know what you qualify for, you may unintentionally be looking at homes in the wrong price points. Let’s say you get your home sold and now you’re searching, but you find out you can’t afford what you thought you could. This can be discouraging—now you have no home and must find one that’s less than what you were hoping for.
4. Working with too little of a cushion. Let’s say you’re pre-qualified and want to put a certain amount down on your next home. What if the market changes and you can’t get the same equity out of your current home? From a financial standpoint, you need another plan that will still get you into the home you want, even if you’re not supplying the down payment you thought you would.
5. Failing to compromise. You’re working with people who are either buying or selling your home over two transactions, so keep this in mind: There are a lot of moving parts, but the process moves much more smoothly if you can make compromises.
6. Using two agents to handle each transaction. Using an agent for the buying side and one for the selling side isn’t the best idea. It’s better if all the moving parts are handled by one agent and one team.
If you have any questions or need further information, feel free to reach out to me. I look forward to hearing from you soon.