If you are ready to sell your current Katy home so that you can move up to your dream home, downsize or relocate, the thought of selling and buying simultaneously might seem overwhelming. However, as your Katy real estate agent, I am here to help you get it done!
Here are a few strategies that can help the process go as smoothly as possible:
1. Understand your local market. Contact an agent and discuss current market conditions. Find out if the market is more a seller’s market or a buyer’s market, and what homes like yours are selling for. This will help you determine when you should put your home on the market. If homes are selling fast, you might want to begin your home search first. If they’re taking a while, you might be safe to list and then search for a home, as other sellers will take you more seriously.
2. Consider an inspection and appraisal before listing. Getting these out of the way early will help you determine if any issues will come up in the home-selling process. This way, you can make any repairs necessary, and price your home properly, so the sale of your home runs more smoothly. Also, knowing what you can get for your home will help you house hunt appropriately for your new home.
3. Plan carefully. Determine which order of things will work best for your schedule. If you sell first, it’ll make getting a mortgage easier. You might have to do it this way. But if you sell first, you may also need to find temporary living until you buy, so plan accordingly for that. If you buy first, moving is easier, but then you’ll have two house payments to juggle and possibly a harder time getting a new mortgage loan.
4. Have a backup plan. It’s important to plan, but it’s also important to realize that your plan might not go as you expect, as there are so many other people and things in the equation. No matter which way you hope things will go, plan for where you will live if you sell first unexpectedly, or come up with a financial plan if you buy first unexpectedly.
5. Know your financial options. If selling first, consider a rent-back agreement, where you can remain in your property in exchange for a lower selling price or rent paid to the buyers. If buying first, consider a contract contingency, which allows your new home purchase to be dependent on the sale of your old home, or a bridge loan, which allows you to own two homes simultaneously without a second down payment handy. Talk to your agent and lender about your options!
Don’t let fear hurdle you into the unknown, unprepared. As a Katy real estate agent, I can help you sell and buy, and I can help answer all of your questions about the process and about the Katy real estate market. Don’t delay living the life you want! Give me a call and let’s get started!