Quickly Selling a Home Before Buying a New One
Even when you love the home you live in, there often comes a time when you have to move. Maybe you need to sell your house for a job relocation or because, now that the kids are grown and growing families of their own, a smaller house is all you and your spouse need. Then again, maybe it’s a bigger and brighter space that’s calling your name, especially since you’ll soon be working full time from home.
To make the change as easy and affordable as possible, selling your old home before buying a new one is going to be your best option. It’s ideal for most homeowners to do, particularly when you’ve already got your eyes on the new house of your dreams. But, even if you haven’t picked out your next favorite house, selling your current home quickly will help to buffer you financially. Whether or not you need to sell your house fast, we have some tips on how you can do it.
The Advantages of Selling Your Current Home First
There are several advantages to selling a home before buying a new one. Almost all of them revolve in some way or another around money. Since moving already costs a significant investment of time and energy—if you can find a way to cut your expenditures, then you’ve found a way to reduce some of your stress. By selling your current home first, for example, you:
- Avoid having to pay for two mortgages, assuming you can even qualify for a second loan while still paying on the first. (Even if you can, it’s too big of a burden to take on.)
- Don’t have to make closing on your new home contingent on when (and if) you sell the old one—a request that can turn home sellers off from ever accepting your offer.
- Are less likely to experience any buyer’s remorse that can come from purchasing another house before you’re ready or before knowing how much you can really afford.
- Can potentially make a larger down payment on a new home and, thus, reduce the amount you’ll own on your new loan.
Avoid having to pay for two mortgages, assuming you can even qualify for a second loan while still paying on the first.
Of course, by taking the time to sell your current house first, you could miss out on securing another house you love. Whether you’ve begun your search or not, that smaller (or bigger) home that checks off all the right boxes could just land in your lap on your way to the store. And the fear of missing out may make you wish you didn’t have to pass it up.
Selling a home is not an easy task, either. In fact, just preparing your house to sell can be a big hassle—and cost you big bucks. A lot of repairs can take weeks to complete and, afterward, you’ll probably still have to clean. Staging and marketing the house can also slow you down, not to mention accommodating potential buyers who want to see the inside of your home.
In most cases, however, it will still work in your favor to buy your new home only after you’ve sold the old one. Plus, there are things you can do to potentially speed things up so that selling your house doesn’t drag on.
How to Quickly Sell a Home Before Buying a New One
Of course, there is never a guarantee that even your best efforts will yield ideal results. But your next steps can greatly influence how quickly the sale of your house goes through.
Market forces could thwart your efforts, and home sales across the country are starting to slow down.
Let’s take a look at what you can do to put a little luck on your side:
- Price your home competitively. You may even want to consider listing it at below market value, especially if you’re selling a home that needs a new roof, has outdated features, or may have old and leaking pipes. If your home is the best deal on the market, it’s possible you’ll attract a lot of buyers—at least those buyers who can handle fixes.
- Insist on a fast close. Though most lenders need at least 30 days, there’s no harm in asking for better closing terms. In fact, reputable real estate investors can usually close fast since they don’t bother with loans and, instead, pay cash.
- Sell your home as-is. Don’t perform any repairs, do any cleaning, or even bother with purging. Skip staging altogether. If you don’t need your old couch, the guest bed, or the refrigerator, try selling the house full of furniture, too. This may weed out more traditional buyers, but there will be some who can take on an as-is house.
- Market your home aggressively. By marketing your home heavily—online and off—the chances of selling your property fast improve, especially if you enlist a real estate agent to help. You’ll have to pay for their services, of course. But, if their tactics work, it could be worth it in the end.
Keep in mind, however, that market forces could thwart your efforts, and home sales across the country are starting to slow down. Even in cities where homes are, technically, still flying off the shelves, the average time to sell a house is more than two months. If you’re ready to move on and buy your next home—or you have to because the new job starts soon—this timeline may not work for you. Selling your house directly to a home buying specialist who can close fast and for cash, on the other hand, may work just fine.
Since selling a home before buying a new one is often the ideal option when you need to move on quickly, your best bet is to contact an all-cash buyer.
Sell Easily and Have the Cash When You Need It
Since selling a home before buying a new one is often the ideal option when you need to move on quickly, your best bet is to contact the all-cash buyers at Sell Your House Direct. SYHD can close in an average of seven days or less. Of course, they can also close on the date you’d prefer, too—even if it’s not until you find your new house.
They can also take the home as-is, which means you don’t have to waste time with any repairs or house cleaning. In fact, you can simply point to what you’re taking with you and let SYHD take care of the rest—for zero commissions and zero fees. You don’t have to market to them, either. All you really have to do is give them a call. Yes, it can be that easy to start your new life quickly. As far as SYHD is concerned, there is no reason it should be any other way.
What is Shrinkflation? Impact on Home Values
Shrinkflation is is a unique period that occurs when the price of a house remains the same, but the amount of square feet you receive is less. As inflation increases raising the market, homeowners and companies are trying to recoup their investments. According to...
Selling a Home with Lead or Asbestos Problems? Here’s What You Need to Know and Options Available to Help Make the Sale Easier.
Seller’s Duties to Share Information About Lead Dangers If you are selling a house that was built before 1978, there are responsibilities you have in sharing information about lead paint and other sources with your prospective buyers. If you aren’t sure whether...
3 Inspiring Stories of People Who Sold Their Inherited Home – What They Did With the Money
Inheriting a home can be a blessing or a curse, depending on your circumstances. For some people, it's the perfect chance to finally live in their dream home. For others, the idea of taking on the extra property – and all of the associated responsibilities – is...