Today's real estate market is ideal for the 'Move Up' buyers. These buyers have lived in their current home, most likely their first home, for a few years and are now ready to buy something a little bigger, maybe in a different town or school district.
With interest rates so low and the limited inventory/competition, it's a great time to put your home on the market and buy your next one.
People often get nervous about this process. They aren't sure how the process works and how to make it work perfectly. Truth is, it's not guaranteed that you'll sell your current house first, find your dream home and submit an offer within X days, and have both settlements on the same day so you can move out then move in all on one weekend. But it can happen, as long as you have the right people helping and guiding you!
Below is an article outlining 3 different options
1. Seller first, then buy
2. Buy first, then sell
3. Buy and sell simultaneously
My personal recommendation is #1. This typically doesn't call for second mortgage and often I can negotiate a favorable settlement date on the current home to give my clients a good amount of time to find their new home. It may require a week or 2 in temporary housing if timing doesn't work perfectly, but hey, you sold your home (which is often people's biggest fear) and you're getting into a new one- a few uncomfortable days/weeks should be OK if you look at the big picture.
How to Sell Your Home and Buy Another at the Same Time
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