Top 4 Tips to Help You Buy and Sell Home Simultaneously
The idea of selling your home can be daunting- all the more so if you are looking for homes in South Tampa to buy at the same time. The decisions you make along the way can save you or cost you many thousands of dollars. Here are four ways to successfully buy and sell a home at the same time.
1. Research the market of South Tampa homes for sale
After getting an idea of your home’s worth, you need to also do some research on the purchase side. As a buyer, you have to be clear with what you want and with your priorities. Be specific with your needs and understand what you will get for your money on the purchase side. This factor is important in determining how financing will work with the buy or sell. You also need to understand the market to adjust your sale timing. If you’re moving within the city or town where you live, your listing agent will likely serve as your buying agent. If you’re moving just outside your area, you may need to ask your agent to refer you to an agent knowledgeable about that area.
2. Devise a plan
Another step that you have to take to ensure that you can successfully handle buying and selling at the same time is to make a plan. Your plan can vary greatly depending on different conditions. For example, if you are buying in a competitive market, adding a contingency that you current home must sell first before you buy any South Tampa waterfront homes for sale probably won’t work. If you are selling in a competitive market, you may be able to negotiate with the buyer for a longer escrow or even a rent back. If you might need temporary housing, you have start researching your options in advance.
3. Get your finances in order
If you are going to sell and buy a home at the same time, you need to have your finances in order. It is extremely important to find out prior to selling and buying a home simultaneously if you can qualify for a mortgage without having to sell your current home. Although this may not be the case for most people, it can be a huge advantage if you are able.
4. Don’t let fear rush you
Do not allow anxiety to push you toward a bad decision. If your home has sold but you haven’t found a new place to live, consider all your available options first before making any move. You may consider short-term rental so you won’t feel stressed or pushed into something that you would end up regretting later. Avoid making a purchase just because you were pressured from the time constraints. On the other hand, don’t accept a bid that you feel is too low just because your finances are strained by paying two mortgages. Having a temporary apartment set up will help you not to compromise.
Selling and buying a house at the same time is not easy. In fact, it can be stressful, but carefully considering and planning for the risks and hurdles can tone down the stress. Visit http://www.TampaTodayRealEstate.com today for more helpful tips on home selling and home buying.
