How to Minimize Stress When Buying and Selling a Home at the Same Time
To buy and sell a home successfully at the same time, you need to know what to expect throughout the process. It is also imperative to have a game plan in place when dealing with buyers looking for homes for sale in Birdland Pleasanton CA. Buying and selling a home simultaneously has its own set of challenges. With knowledgeable planning, you will be more prepared for the experience.
Here are some tips that will help you navigate smoothly as you buy and sell a home simultaneously:
Research the real estate market
You need to do your assignment before you decide to buy and sell your home at the same time. You have to know the prices in the areas where you are both buying and selling. Remember that when you price your home too high, you might scare potential buyers looking for Birdland Pleasanton homes for sale. Aside from that, you should also find out whether the market favors sellers or buyers. Doing so will help you be more prepared for the selling and also the buying experience.
Add a Contract Contingency
Another step that can help you buy and sell a home at the same time is by adding a contingency to your contract. If buying, you can ask the seller to make your purchase contingent upon the sale of your current home. If selling, you can negotiate with the buyer as you add a contingency to the contract that will make the closing date line up with the finding and closing date on a new home. Just be sure to fully research the market before you sell so that you will be an efficient buyer and seller.
Consider bridge financing
Bridge loans are available specifically for those who are buying and selling a home at the same time. It is a type of financing that allows you to own two homes simultaneously if you don’t have enough money for a second down payment. It is a short-term loan, intended to be repaid upon the sale of your original house. This temporary loan bridges the gap between the sales price of a new home and the home buyer’s new mortgage, in the event the buyer’s home has not sold yet.
Get your home ready for the market
Before selling your home to buyers, you need to ensure that it is market ready. One of the best ways to do this is by getting advice from a local real estate professional. A real estate agent who has an excellent track record in your local area will know what you ought to do before listing your home. They can give you ideas on the repairs, upgrades, and updates you should consider prior to selling your home. They can also tell you how much your home is worth in Birdland. A home that is not shown in its best light will stay on the market longer. If this happens, your schedule and your other plans will be also delayed.
Selling and buying a home simultaneously can be exhausting and stressful. However, you can mitigate the stress by carefully planning the risks and hurdles that may come your way.
Check out www.HomeValuesPleasanton.com for more home selling ideas, and for a free market evaluation of your home in Birdland.