What to Consider When Buying and Selling a Home at the Same Time
How to Best Prepare For Buying and Selling a Home in Kansas City
Should You Buy or Sell Your Home First
If you are a current homeowner, and are looking to sell your home and buy a new one, you probably have a lot of questions to make sure you are taking the best step forward. It’s a fairly common situation for people across the nation, so don’t worry! No matter how stressful it may seem now, knowing that other people just like yourself have made it through to the other side with a sold home, and a brand new home to make their own should certainly help. In today’s blog, we’ll go over exactly what you need to consider when looking to buy and sell a home at the same time, and how an experienced Ask Cathy agent can help you through the process.
Want to get all your questions answered personally? Schedule your no-obligation consultation with a member of our team today. We can help you determine whether now is the right time for you to move, what that might look like for you, and everything you want to know about the home-buying and home-selling process!
Should You Buy or Sell Your Home First?
One of the first things that you need to figure out when looking to buy or sell a home is whether you are going to buy a home and THEN sell your home, or if you are going to sell your home and THEN buy a home. There are pros and cons to both, and the best choice depends on your current financial situation, and other details like whether you have somewhere to store your furniture should you have to live in a rental between homes.
When selling your home before you buy a home, you have the huge advantage of not being stuck with two mortgage payments. Aside from the obvious financial implications, feeling stuck with two house payments can leave you feeling rushed into finding a home that just works, instead of finding a home that meets all of your needs. On the other hand, if you sell your home and spend some time on the market without finding anything, you could be spending more time in a rental or with family than you would like to.
If you decide to buy a home before you sell your current home, you don’t have to worry about where you are moving to once your home is sold, and you can avoid any hassles with a rental home. On the flip side, if your home for some reason is staying on the market longer than you thought it would, you could be stuck with two mortgage payments, which is a tough financial situation to put yourself in.
If you need help deciding which option is best for you, contact a member of our team here at the Ask Cathy Marketing Group. Our agents have decades of experience, and can help you navigate the housing market by placing your needs as the utmost priority.
Steps to Consider With Your Agent
- Assess the Current Market: One of the first things you should do, regardless of whether you plan on selling your home first, or buying a new one, is to examine your local housing market with a local real estate agent. You want to look at comparable properties to your own to see how long they are staying on the market, and at what price points are they being listed. You will also want to determine what you are looking for in a home, and start researching how long they are staying active, what they are selling for, etc. This is where working with an experienced local agent is extremely helpful, as they will have been active in the market for quite some time, and can help you find all of the information you need to make an informed decision. If you want to know an estimate of the current market value of your home, you can use our free property estimate tool to see what your home could get on the open market!
- Deciding if Now is the Right Time To Move: Once you have all of the information from examining the market, you should be able to decide if now really is the right time for you to move. Depending on the time of year, the condition of your home, and other factors, waiting to make a move could make more sense for you and your family. On the other hand, if you and your agent believe now is the best time to move, then you can get started on getting your home ready to sell!
- Prepare Your Home to List: Once you decide when you want to move, it’s time to start getting your home ready to list. That means it’s time to declutter your home, and maybe get started on saving up for that down payment by having a garage sale! You’ll also want to make sure there are no major repairs or maintenance issues that you need to take care of before listing, as an unexpected surprise on an inspection can complicate the sale of your home. Additionally, you’ll want to start talking with a lender to get preapproved and examine your finances to determine what kind of budget you are working with when searching for your new home. Don’t want to bother with getting your home ready to sell traditionally? Enter your address into our cash offer program, and we will reach out to you to begin the process of collecting up to seven cash offers for you and determining which offer is best for you! We gather the offers, you just collect the cash!
- List With an Experienced Local Agent: Once you have finished making all of your preparations, it’s time to actually put your home on the market! The best way to make sure that your home sells for the most money, and in the quickest amount of time, is to work with a specialized listing agent. When you work with a member of the Ask Cathy listing team, not only are you working with an agent that knows how to price your home appropriately, and market your home most effectively, but you are also working with the entire Ask Cathy administrative team, including a dedicated closing coordinator who manages your transaction from start to finish. On average, we sell homes for 3.2% more money, and 36 days faster than the average agent in our MLS region!
- Start Preparing and Looking for Your New Home: While your home is on the market, it’s important that you start looking at what kind of a home you would like to buy, and what kind of a down payment you will need. If you need to use the proceeds from your home sale to finance your next home, as many Americans do, then you will need to consider looking at a Home Equity Line of Credit or HELOC, or a bridge loan. A HELOC is when you use the value of your home as collateral for a new loan. When you get a HELOC, you can use those funds for your down payment, and then use the proceeds from your home sale to pay that HELOC back. A bridge loan, on the other hand, is when you take a personal loan that is repaid as soon as you close on your old home. You can learn more about what a bridge loan is by reading one of our previous blog posts here.
- Find a New Home With a Local Buyer’s Agent: Just as you would work with a listing specialist on the Ask Cathy team, you can also work with one of our dedicated buyer’s agents to find your next home. Our agents are constantly working with clients in today’s market and can help you navigate your home search, and win on your offer to make sure the perfect home for you doesn’t slip out of your grasp.
Contact a Member of the Ask Cathy Marketing Group Today to Schedule a Complimentary Consultation!
Whether you are looking to buy or sell a home, or both, our team at the Ask Cathy Marketing Group is ready to make sure your goals are being met in today’s housing market. Our team has seen every type of housing market there is, and we can help you navigate our local Kansas City market to make sure that you end up in the home that is best for you. Contact us today by calling us at (816) 268-4033, or by filling out the contact form below to schedule a complimentary consultation with a member of our team!