By Justin Brennan

Unless you are a first time home buyer, it's a common predicament to be in. You want a new home, yet you have to sell the one you're currently living in. Seems like a daunting task when you consider all of the things that need to go right with one sale, let alone two. Do you find a home first, then sell? Or the other way around. Everyone's situation is different, which is why you need to consider these steps before deciding what is right for you!
 

Sell First or Buy First?

It depends on your financing. Will you be needing the equity from the current home, to obtain financing for the next home? If so, it's best to focus on preparing and selling your current home before finding your new one. Why? We are currently in a seller's market, therefore, you will have much more leverage selling with a contingency on finding a replacement home than you would buying with the contingency of selling your current home. 
 

Bridge Loan

If the above is true and the timing still isn't right for lining up the sale of the current home before the purchase of the new home, a bridge loan may be the best option. A bridge loan will help you get from point A to point B without having to extend the close of escrow or possibly lose the deal. However, a bridge loan is a short-term loan and therefore has high-interest rates. Make sure you look into your options on a bridge loan before it becomes the last resort.
 

Find the Right Agent

Planning and experience is everything when trying to sell and buy at the same time. Sure agents sell and market homes, but the ones who save their clients the most money are the ones who can foresee potential future problems and keep them from ever existing. Make sure you have interviewed multiple agents before committing to the right one. Ask questions about the experience with congruent home closings and what they think is the right move for you and if it aligns with your family goals.
 

Consider a Storage Unit

Sometimes it's necessary to put furniture in a storage unit anyways to either clear the home of clutter and/or allow staging. It's always a good idea to buy more storage than necessary. If something happens and you need the extra storage, the cost of the bigger unit will be worth the hassle in the long run.
 

Back-Up Plans

Expect the best, prepare for the worst. If you get an amazing offer on your current home and don't want to lose it, you might want to close on the current home and wait longer to find the right replacement home. This could mean staying at a relatives house or even renting for a short period of time. Be open to all possibilities.

If you or someone you know is looking to buy, sell, or invest here in San Diego, feel free to reach out to us. We would love to be your real estate resource!
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Justin Brennan

Justin Brennan

DRE# 01866398
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