Get a Good Idea of the Industry
Though it’s possible to successfully buy and sell Heights real estate at the same time regardless of market conditions, you may have to alter your strategy depending on how competitive it is. Currently, Heights houses for sale are increasing in price and inventory is low, which indicates a seller’s market
. In this type of market, you’re more likely to sell your home before you find and make a successful offer on a new property. Your real estate agent may suggest that you find a new home and make a successful offer before you list your home as hot homes can sell in as few as six days.
Understand the Challenges Involved
Though the process is known as buying and selling at the same time, it’s important to realize that one will likely occur before the other. The gap between buying and selling Heights real estate could be as little as a few days or as much as several months (or more.) When you have a good idea of the challenges involved in both buying first or selling first, you can come up with plans to address them.
The main challenge that buying Heights houses for sale first presents is coming up with the money for a down payment and closing costs without access to your current home’s equity. You will also need to make two mortgage payments a month and manage the maintenance on two properties.
When you sell your home before you buy, your biggest concern will be finding a place to live and move your belongings to while you continue searching for a home that meets your needs. Many of those who sell first rush into buying a home they don’t love simply because they need somewhere to live.