How to Juggle the Double – 5 Steps to Selling & Buying a Home at the Same Time

If you want to move on to your dream home, but you need to sell first, how do you do it? What happens if you have to sell your home in order to buy a home? Many people find themselves in this situation because they need the proceeds of their home sale to fund the purchase of their next home. This holds sellers back because they don’t know how to move forward. Let’s look at five options that will help you “juggle the double” of selling and buying a home!

  1. Home equity line of credit – depending on how much equity you have in your home, you may be able to use a home equity line of credit to purchase your next home outright, especially if downsizing. If you qualify to purchase a home without selling yours first, or you need a deposit for a retirement community or new build, you could use your line of credit for the down payment or deposit. Chances are you have a lot of “cash” tied up in your current home.
  1. Bridge/swing loan or “buy now, sell later” programs. Many banks offer some sort of bridge or swing loan. With this loan, the bank covers your current mortgage while pre-approving you for the mortgage on your new home. Once you purchase your new home, you then sell your old home. The bank covers, or bridges, these two loans until your old home sells. There are also “buy now, sell later” programs that are similar in that you can buy your new home first and sell your old home afterwards. 
  1. Rent back situation – in some situations you may have your new home set up and just need a few weeks to close on your home, take your proceeds to purchase your new home, and get moved out. This is often the case with a new home build or moving to a retirement community. You can close on your home and get the proceeds for your home, then rent back from the new owners for a short period, allowing you to purchase and move to your next home. 
  1. Find temporary housing – this may work if you have friends or family with extra space, or are able to find a short term rental. This often requires putting some things in storage, but it can give you the breathing room between selling your current home and finding a new home. This is a good option if you want time to look or can’t use one of the financing options mentioned earlier.
  1. Utilize a “motivated” seller – if a home has been on the market for a while, the seller may be willing to work with you. You would be writing an offer contingent on the sale and settlement of your home. Once you go under agreement with the seller, you would list your home for sale. There is usually a time period that you have to sell your home before the seller has a right to terminate the contract. This is a great option if you can find a motivated seller to work with!

There are many options to help you get into your dream home – even when you have to sell your home in order to buy. Let’s chat and get you into your perfect home!


7 Don’ts for Buying a New Construction Home

With limited inventory for pre-existing homes, some buyers are turning to new construction. A new home could be exactly what you’re looking for and has many benefits. What could be better than brand new! Here are some things you may not have thought of. Don’t be caught unaware when you are considering new construction.

7 Secrets to Sell Your Home Fast!

You want to sell your home fast… and for the most money! You may be upgrading to a bigger home, relocating to a new location, or even downsizing for retirement. Whatever the case, once you’ve made the decision to sell, you want the best outcome! Here are seven secrets to get your home sold fast and for the most money.

How Quickly Will My Home Sell?

If you’re thinking of putting your home on the market, you are probably wondering how quickly it will sell. This depends on several factors! First, we have to look at what’s happening in the local real estate market to determine if it’s a home buyer’s market or a home seller’s market. Then we consider the condition of your home, any upgrades you’ve done, and any repairs that need to be made. Then we look at your specific location, neighborhood, and yard/land. All of these factors influence how quickly your home will sell.

Why Curb Appeal Matters! From Sale to Sold

You want the best return on the sale of your home that you can get! The first step is creating great curb appeal so when buyer’s pull up they are excited to enter your home. Then you want to stage your home to create as much buyer appeal as possible. Check out these tips to make buyers fall in love with your property!

Thinking About Buying?

Thinking of buying a home? There are so many steps in the process that it can feel overwhelming! But don’t worry 😃 We got you covered from the very first step until you have the key to your new home in your hand! Check out this video to learn how.