Buying a home is always stressful, but add to that the pressure of selling a home at the same time and your stress level can grow exponentially. With your financial and emotional wellbeing hanging in the balance, it’s no wonder many people are overwhelmed. Here are a few tips to minimize your anxiety and streamline the process as much as possible.
Embrace the stress
There are no two ways about it, the process of buying a home and selling another is difficult on many fronts. Recognizing that you’re going to be pushed to the limits of your pressure tolerance can help keep things in perspective and keep in mind that the end goal is well worth a short period of pain.
Pre-plan with your agent
Our agents, and any other agent worth their salt, are immersed in the real estate market every day so they can help you determine a realistic value for your home. Many sellers will under or over value their home simply because they are uneducated on the state of the current market. Meeting with your agent well before you are ready to list your current home will help you to create a strategy for securing your new home and coordinating the sale of your old one.
Do your homework
After you’ve evaluated what to expect from the sale of your existing home, you’ll need to determine what you need in your new home. A few key questions to answer before moving forward include:
- What are your must haves?
- What are your want to haves?
- What are your financing options?
- How much of a down payment can you afford?
- How will your financing impact the buy/sell?
- Is the market your selling in a buyer’s market or seller’s market?
- Is the market your buying in a buyer’s market or seller’s market?
- How long do you expect it to take to find a home?
- How much equity do you have in your current home?
- Do you have liquid funds available for a down payment?
Make a strategy
Your real estate strategy will vary based on many conditions, but a few items to consider are:
- Do you need a contingency on your buying contract stating that you must sell before you buy?
- Is bridge financing a good option for you?
- Are you interested in negotiating a rent back?
- What options do you have for temporary housing, in the event your old home sells before you have found a new one?
Be understanding and patient
Accept the fact that something, somewhere along the line, is not going to go the way you expected, but that does not mean your whole plan will be derailed. Identifying what those variables might be can help you prepare and avoid losing sleep and fighting with your spouse. It’s easier said than done, but the more you can roll the with punches the easier the process will be.