Curious How to Sell and Buy a Home at the Same Time?
Given the current sellers’ market, some home owners, who would like to move, are hesitant to put their home on the market because they’re uncertain how to sell and buy a house at the same time. They are concerned about the selling and buying timeline … in other words they want to be sure their home sells in time to cover the expenses for their new home and at the same time they want to be sure they don’t have to move out before they find their next home. These are valid concerns. Fortunately, the SkyBlue Team has been down this road before and we can guide you through a successful Sell-Buy process.
THE GOOD NEWS
First, if you’ve owned your home for more than 5 years your home value has appreciated dramatically. The home price appreciation rate in the Portland Metro market has been at 10-14% for several years, so it’s likely you have a lot of equity to work with to buy your next home.
Second, inventory levels which have bee at historic low levels for the past two years are improving. With the pandemic behind us, sellers who were uncomfortable selling are now ready to sell and move on with their life.
Third, if it’s time for you to make a move, we have time tested sell-buy strategies that can get you into your next home. The key is to put together a customized Sell-Buy Plan that meets your goals, lifestyle, and timeline.
It happens all the time … as soon as you get specific about what you want, the perfect house will “magically” come on the market. It may take a couple weeks, a couple months or a year … but one day the right house will be for sale. If you have a Sell-Buy Plan in place, you’ll be ready to act and that dream house will become your home.
READY/WAIT
The Ready/Wait approach means that we get your home ready to list, but do not put it on the market until you’ve found the home you want.
To get ready, we conduct a pre-listing consultation where we discuss your concerns, goals and timelines. Then we complete a market analysis of your home and provide you with a price range for your home. We then discuss pricing strategies for your home and if you’re comfortable we complete all necessary RMLS paperwork and complete a pre-listing walkthrough. During the walk through we’ll make suggestions of how best to get your home ready for sale. Then we take professional photographs of your home and prepare all the marketing collateral.
At the same time we get you pre-approved for a loan for your new home. Based on the target sell price of your home and your mortgage pre-approval we now have a realistic budget to work with to purchase your next home.
Once we know your budget, goals, and timeline we start looking for your next home. When the right home comes to market, you are 100% ready to make a competitive offer and secure your next home.
LIST WITH PROTECTIONS
We complete a market analysis, agree to a pricing strategy, complete the pre-listing walkthrough, take photographs, prepare the marketing, and list your home for sale — with disclosures that protect you. This means we make the sale of your home subject to your finding a replacement home.
In addition, it’s possible to negotiate a longer closing date and include a seller rent-back. A seller rent-back means that you close on the sale of your home and receive your cash, but you can stay in the home for an additional negotiated period of time. Between the extended close and seller rent back we can negotiate several months during which time you can find your next home.
The Sell-Buy Roadmap
The key to a successful Sell-Buy transaction is communication. The process begins with a no pressure conversation where we discuss your concerns, timelines, expectations, and goals in selling your home and we complete a buyer consultation where we clarify exactly what you’re looking for in your next home. Based on this conversation, we outline the Sell-Buy process and present you with your customized Sell-Buy options. Then, you decide which approach works best for your situation.
