Here are your options if you need to buy and sell at the same time.
With inventory at an all-time low, selling a house and buying another one at the same time can be quite the challenge right now. The traditional route of making a contingent offer on the home you want to buy isn’t really working. Not a lot of sellers are willing to accept a contingent offer—unless their house has been sitting on the market for a while (and there aren’t many that are staying on the market long).
A house that’s been on the market long probably isn’t what you’re looking for anyway, so what do you do? If you have the means, your best option is to buy your next house before selling your current one. Heck, if you can turn your old house into an investment property, that’s even better.
“The traditional route of making a contingent offer on the home you want to buy isn’t really working.”
If you can’t afford to do this, a lot of companies out there are offering bridge loans to help homeowners out. There are fees involved in these types of loans, and they’re all structured a bit differently, but here’s the gist: You apply for the loan, and if you get approved for financing (and the lender approves your home), the lender pays cash for the house you’re moving into. You’re then allowed a specific timeline to sell your current house. After it’s sold, you’re free to close on your new home. As I said, there are fees involved, but think of them as a cost of convenience.
If you have questions about this topic or are ready to buy and sell a home, I’d love to have a conversation with you so I can dive further into your options and craft a strategy to pull off both transactions seamlessly. The market is what it is, but we can make it happen. I look forward to hearing from you.