Selling your current home while buying your next can be a tricky situation because there are so many variables factors outside of our control. Based on my experience working with clients making this transition, I've identified a few best practices outlined below.
Start Shopping for a Home Early
My first tip to clients is to start looking early, at least a month before listing their current home. This ensures that there are options for their move before they go through the effort of selling their current home. I've experienced clients assuming their dream home was out there, only to find out after their current home was pending, the house they really wanted was not available!
The number one concern for most sellers is the idea they might be "displaced" or in other words, a period of time where they don't have a home between the sale and purchase.
There are few ways to avoid displacement. The most common is negotiating a "Rent Back" on your current home. This means after your current home closes to the new buyer, you technically "rent" the house back from the new buyers for a period of time. This gives you time to move and clean out the house for the new owners.
Main Take Away
There are a lot of ways to accomplish this transition if you work with an experienced and knowledgable real estate broker. By creating a seamless experience for my clients and ensuring a win-win for all parties, I able to make the transition happen with no risk and fulfilling all needs.
Erika Richter | Real Estate Broker