{"id":3493,"date":"2017-03-23T17:29:18","date_gmt":"2017-03-24T00:29:18","guid":{"rendered":"https:\/\/www.summerhillhomes.com\/blog\/?p=3493"},"modified":"2023-11-16T14:02:05","modified_gmt":"2023-11-16T22:02:05","slug":"buying-and-selling-a-home-at-the-same-time","status":"publish","type":"post","link":"https:\/\/www.summerhillhomes.com\/blog\/2017\/03\/23\/buying-and-selling-a-home-at-the-same-time\/","title":{"rendered":"Buying and Selling a Home at the Same Time"},"content":{"rendered":"

\"Guide<\/p>\n

Homebuying and selling both offer their own unique challenges and stressors so when you combine the prospect of navigating both at the same time, it\u2019s good to accept that this period will be busy and stressful though hopefully, not drawn out! There are a lot of conditions you should consider before starting out. Here are some tips on how to successfully navigate the buyer and seller market at the same time.<\/p>\n

    \n
  1. Research your local real estate market:<\/strong> Figure out if your local housing market where you\u2019re selling and buying is weighted towards buyers or sellers. You\u2019ll be able to better create a strategy once you know the market personality. Generally, you should consider buying your new home first in a seller\u2019s market and selling first in a buyer\u2019s market.<\/li>\n
  2. Know your financial options:<\/strong> When you\u2019re selling your home at the same time you\u2019re buying, securing financing may a little tricky. You\u2019ll need to make sure you have enough funds for a down payment and possibly mortgage for new homes in case it takes longer than expected to sell your current home. You will also need to find a lender willing to qualify you for the mortgage on your new home since your debt-to-income ratio will be higher.Here are a couple of options if you\u2019re looking for ways to decrease your financial burden and minimize risk: writing in a contract contingency where the new home purchase is dependent on the sale of your current home (be forewarned that this can be risky in a very competitive market) or a bridge loan, a short-term loan based on your current home\u2019s equity, can help provide a down payment on your new home.<\/li>\n
  3. Work with a trusted and experienced real estate agent:<\/strong> Real estate transactions are complicated. An experienced real estate agent will be able to represent your as both a seller and buyer; this is especially helpful when juggling two properties as it will require your agent remaining on top of deadlines, requirements and contracts. Your agent will be able to recommend a selling\/buying strategy that works best for your conditions and market.<\/li>\n<\/ol>\n

    Buying and selling at the same time isn\u2019t impossible but with some proper planning, you can make the transition a bit smoother. If you\u2019re in the market for a new home in the Bay Area, we have several new home communities<\/a> in a location that suites your desires.<\/p>\n","protected":false},"excerpt":{"rendered":"

    Homebuying and selling both offer their own unique challenges and stressors so when you combine the prospect of navigating both at the same time, it\u2019s good to accept that this period will be busy and stressful though hopefully, not drawn out! There are a lot of conditions you should consider before starting out. Here are […]<\/p>\n","protected":false},"author":1,"featured_media":3494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[453,454],"tags":[403,404],"yoast_head":"\nBuying and Selling a Home at the Same Time - SummerHill Homes Blog<\/title>\n<meta name=\"description\" content=\"Buying and selling a home at the same time can be daunting. 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