If you have to buy and sell a house at the same time in our hot real estate market, the best strategy is to have a plan A, B, and C.
The ideal plan, or plan A, would be to put your home on the market, snag an offer, ask for a 45- to 60-day close so you can find your next home, make an offer on that next home once you find it, and close both transactions on the same day. We coordinate plan A all the time and pull off both closings seamlessly, but what if the dates just don’t align for you and this isn’t an option?
In that case, a good plan B is to enter into a rent-back agreement with the buyer of your current home first. If, for example, you close on the 30th of the month, you can rent the home back for one or two months to give yourself enough time to search for your next home. If you ask for a two-month close, that gives you four months in total to find your next home and purchase it. No matter how hot the market is, this plan works out quite often as well.
If neither of these options works, though, there is a plan C (which a lot of sellers choose simply because they prefer it). This plan is to sell your home and then move into an Airbnb or other type of rented space until you find your next home.
As you can see, there are several ways you can navigate both transactions in our market without ending up homeless.
If you have questions about this or any real estate topic, don’t hesitate to reach out to us. We’re here to help.