Buying and selling at the same time begins with understanding your needs and your financial situation. Most clients who are buying and selling at the same time are “move-up” buyers or are downsizing. Typically, they fall into one of the following categories:
Talk to a Lender
The discussion with your lender should give you an understanding of what you qualify for, the monthly payments, closing costs and how interest rates will affect the monthly payment. The lender can help you determine if you must sell before buying, if you can buy non-contingent on the sale of your home (selling your home at a later date), or if you can buy non-contingent and just need to rent your home. Exploring each of these options is very important.
The Selling Process & Current Market
The best market analysis of your home is what a buyer in an open market will agree to pay within a given timeframe.
Since that cannot be achieved without actually putting your home on the market, you will want an agent who knows your market well enough to review your home’s condition. The agent will then evaluate it against other homes nearby that have sold as well as against what is currently on the market. With that estimated sales price, you can determine the “equity” you will take from the property after fees and taxes are paid. It is best to review a range of prices from “worst case” to “best case” selling prices. Further, an agent can assess what your home may rent for if you decide to keep it.
The Scenarios for Buying and Selling at The Same Time
The Bottom Line
If you're thinking about a move-up (or down), we are happy to meet with you and discuss the right plan of action for your current situation. We're here to help so contact us and let's talk.
Credit Sue Goodhart
Live Naples Luxury
The Team at eXp Realty are available to answer any questions you may have regarding the Naples/Marco Island market. Contact Us.
It pays to have agents who are familiar with the ins and outs of the community. We're here to help guide you.