Buying and Selling a Home at the Same Time in a Volatile Market
Buying and selling a home at the same time is difficult in any market. In a volatile market, it’s even harder. Joe Gonzalez shares how to approach it.
Know your risk tolerance
The key to buying and selling at the same time is understanding how much risk you’re comfortable with. That will decide your plan:
Option 1: List your home first, then buy
- Lower financial risk. You know exactly how much money you have before you buy.
- No chance of carrying two homes.
- The risk: you may need to find a home quickly, or arrange temporary housing.
Option 2: Buy first, then list your home
- You lock in the home you want.
- The risk: if your home takes longer to sell, or sells for less than expected, you could be carrying two mortgages.
Protect yourself either way
Whichever plan you choose, make sure you have all the protections necessary, such as:
- Conditions in your offer, like a sale-of-property condition, financing or inspection
- Bridge financing lined up, if needed
- Flexible closing dates that give you breathing room
- A realistic price on your home so it sells in a reasonable time
Walk away when the inspection says so
One of the team’s buyers backed out of a deal after a home inspection uncovered too many issues. Not long after, he found a home with a much better structure, and it was almost his by the time of the final walk-through. Sometimes the best deal is the one you walk away from.
Every detail matters
When the team writes an offer, they go over every small detail with their buyers, sometimes on a video call, to make sure buyers are protected and completely happy before anything is submitted.
Planning a move?
Call 289-276-1716 or talk to us about selling.
