Whether it’s your first home or you’re a veteran, purchasing a home should be an exciting time; but it also comes with a lot of work and a fair amount of stress as you work through the process. And, while the process of buying a home can be stressful, it can be even more so when you are buying and selling a home at the same time. There are a lot of decisions and choices to be made to ensure the process goes smoothly. Here are five mistakes that you should try to avoid when you are buying and selling simultaneously.
1. Not Preparing The Home To Sell Before Listing
One of the biggest mistakes that people will make when they are buying and selling their homes at the same time is that they will not properly prepare their existing homes for sale. When you are looking to purchase a new home, it is natural to focus a lot of your time and effort on the new place that you will live in. However, to get the best sales price possible, you need to make sure that you continue to focus on the old property as well. To ensure you are able to sell and move, you should make your home look as good as possible, having a strong marketing plan in place with a real estate agent in Phoenix, and make any minor home repairs needed.
2. Not Having a Backup Plan
Selling and buying at the same time comes with a lot of different obstacles that need to be overcome. You will want to make sure that you have a contingency plan in the event one or both of the transactions fall through. For example, if you are able to sell your home but your purchase falls through, you need to make sure you have a plan for storing your personal items and a place to live until you are able to find a new home. In the event the sale falls through, you need to either have a contingency in the purchase agreement or have the financial resources to make the purchase and carry the second home for a period of time. Ask me for details on strategies to make this process work more strongly in your favor.
3. Waiting Too Long to Start Looking
When looking to sell and buy at the same time, a lot of people underestimate how quickly their home can sell, especially in today’s current market. If you have a nice home in a good neighborhood, there is bound to be a lot of demand. In some cases, your home could sell within a few days of listing, sometimes before hitting the market! While this can be a good thing, it could put you into a bind if you do not have a place to move to. Start actively shopping early on so you know what your options are for your next home. Here are the current homes for sale in Phoenix!
4. Not Setting a Realistic Sale Price
Every seller believes their home is the hottest house on the market and while this may be true in some cases, setting a realistic asking price is critically important, especially when selling and buying at the same time. Hitting the market at the right price will bring the most qualified buyers and help with a quick sale at the best price. Listing at well over market value, the home is likely to sit on the market and could jeopardize your ability to purchase the next home. Let me know if you’d like to receive an accurate assessment and professional opinion on what to price your home for. Start by requesting an assessment here!
5. Choosing the Wrong Day and Time to Close
Another factor that you should spend time thinking about is the time and day that you will complete the sale and purchase. Most of the time, you will need the sale to take place prior to the purchase. This means two separate transactions that involve other parties including title companies, lenders and real estate agents. Aim to schedule the transactions early in the day as it will give some leeway for closing issues. Further, if possible, you should try to avoid closing on a Friday as any delays could leave you in between the transactions, and potentially without a place to stay over a weekend
The process of buying and selling at the same time will always come with challenges. When you are going through this process, it is important that you work with a real estate agent that you can trust and are experienced. I’ve been a real estate agent in Phoenix and throughout the valley for many years and would love to help where I can! Give me a call today at 602-330-6813 or email me at email@example.com!