How to Buy and Sell a Home Smoothly

Buying a home can be stressful, but it gets even more challenging when you’re also trying to sell your current property at the same time. It’s a lot to manage.

But it doesn’t have to be as stressful as it sounds. With proper guidance, timing and financing, you can streamline the process — and hopefully calm your nerves. These tips can help get you started.

Work with an agent.

An experienced agent can bridge the knowledge gap and help you make sound decisions. For example, a homeowner who overestimates their home’s value may set an unrealistic asking price that grinds the process to a halt. But an agent who knows how to accurately determine a home’s value will price it to sell.

Get the timing right.

List your home first. Once you have an acceptable offer in hand, you can submit an offer on your new home that’s contingent on the sale of your existing home. You can also request an extended closing. This additional 30- to 45-day window gives you time to close your sale.

If you sell before you buy, you’ll need to arrange for temporary housing and storage. This might make moving more costly and complicated, but it also can make financing your home purchase easier.

Buying before you sell makes moving easier and eliminates the hassles of temporary housing and storage. But if your income or creditworthiness is insufficient, obtaining a mortgage could be difficult.

Explore your financing options.

If you’re closing on a new home before your existing home sells, a short-term bridge loan could be a suitable option. These six- to 12-month loans offer interest-only payments and can eliminate the need for a settlement contingency. Additional options include traditional fixed-rate home equity loans, variable-rate HELOCs and 401(k) loans.

Want to further simplify the process? Reach out to discuss your loan options.