Topic 5: Whether you’ve bought and sold before or whether you decide to sell first or buy first, it’s important to understand how today’s real estate market works and have a grasp on both buying and selling in the current market.
This is not the time to make assumptions, to gloss over details, or to depend on a wish to your lucky stars!
You must set yourself up for success — and together we can make that happen.
Nothing will be overlooked when we work together, from prepping your current home for potential buyers to understanding contingency clauses when you get to the offer stage. The entire process can be straightforward (and sometimes predictable) when you know the right steps to take and when.
And that’s why it’s best to meet up as early as possible, even if you’re in the “thinking about moving one day next year” stage. That way we can plan your strategy well in advance so you will be ready from day one.
Last week, we went over the pros and cons of buying first or selling first, and how you can align it all with the time frame you choose. Review How to Right-Size When Buying and Selling at the Same Time, since some steps need to be tweaked depending on your choice.
Let’s get going and see how these strategies can help you find success at the end of your right-sized journey — a new home you love and a profitable sale of your current home.
Be Prepared and Strategic
You want to put yourself in the best possible position and that requires pre-planning and getting your “ducks in a row” so to speak.
The earlier we meet, the better you’ll position yourself and not feel rushed or stressed throughout the process. We’ll have time to map out a plan for what needs to happen when based on when you want to be in your new right-sized home.
My goal is to make you a well-prepared buyer AND seller so that you know how how to successfully navigate buying and selling at the same time.
Below is a great overview of these strategies to give you an idea of what to expect. When we meet to discuss your particular situation, I’ll go into more detail for each.
- Get your home ready to sell. Trust me, you want your home ready! Tackle some home improvement projects so your home looks welcoming to prospective buyers. Get this done beforehand even if you plan to buy first so you can move quickly to list your current home once you do find the next perfect home.
Prepping your home could take longer than you expect, so it’s always good to start early and pace yourself. For those going smaller when they right-size to a new home, I can help you with some downsizing strategies for getting rid of stuff.
And if you’re considering any upgrades like new kitchen countertops or redoing a bathroom, I can let you know what’s worth doing in your neighborhood when it comes to return on investment — so you will get your money back!
- Scope out your current home’s competition. Together we can take a look at homes you’ll be competing with in your neighborhood to determine market conditions in order to set a competitive price. It’s important to look at the most recent sales and final prices of homes most comparable to yours whether it’s a single family home or a condo unit in your complex.
It’s important to price it right from the get-go so that it doesn’t sit on the market with potential buyers wondering if there’s something wrong with it. This is especially important when you are both buying and selling and want to keep up the momentum of moving forward in your journey.
- Time the market to work for you. There are better times to both buy and sell in your market. I can explain what those natural ebbs and flows are so you can be prepared for what the market may bring you in the form of offers on your home and for inventory of homes for you to see.
We will, of course, plan for your preferred time frame, and that’s why the earlier we meet the better we can strategize and get your home ready to sell and for you to be ready to make a confident offer on a new home.
- Get the financing figured out. If you plan to finance your next purchase, we MUST figure out the financing piece FIRST no matter what. There are so many great loan programs available for people who want to move to a new home but also have a home to sell.
We’ll see which of these programs you qualify for and, most importantly, provide the best terms for you. You’ll know exactly how the financing piece of buying and selling at the same time will work for you.
This step is one of the most important pieces to figure out early on.
Be an efficient and smart “shopper.” We’ll be very strategic when considering current listings on the market since you are both buying and selling and focused on a certain time frame. We don’t want to waste time especially if you’re selling your current home first.
I will help you narrow down homes that are within your budget and your criteria, and will not distract you with homes that aren’t a good fit. Remember we’re right-sizing your home and your life, so we want to make sure we get this RIGHT!
- Understand contingency clauses. Together we can go over the pros and cons of contingency clauses and how they fly in the current market. You need to know what to expect when it comes to contingencies from both the buyer and seller perspective. I’ll tell you what’s common and what’s a no go in today’s market.
You can agree to sell your current home contingent on purchasing your new one and/or agree to buy your new home contingent on selling your current home. Be aware though, most sellers and buyers prefer contingent-free offers and will be more or less negotiable on price with few contingencies.
You’re Not Alone
Moving to your next home can turn into a logistical nightmare if not managed correctly since you’re dealing with lenders, appraisers, lawyers, home inspectors, movers — and for some clients, there are contractors, storage places, and junk removers. Whew!!
You’ve got these two major transactions to coordinate in a short period. I’m here to help you as a trusted resource that can take you from step one all the way to your successful move. You won’t be on your own at all or feel overwhelmed with me by your side!
With my guidance and expertise, it will be much easier and less stressful knowing what needs to be done, who needs to do what by when, and who can help you get it done — with plenty of time to complete it all successfully.
If you or someone you know are thinking of right-sizing within the year or even later, I can’t emphasize the importance of scheduling a time to talk well before you start looking at homes and going to open houses.
Let’s create a plan together so that we can price your current home to get you the most money possible and so that we can get you exactly what you want for your new right-sized home. Simply contact me and we’ll set up a time to talk.
I'm Morgan and I love helping professionals in the aviation industry make their move to Atlanta as smooth as a greased landing. Whether its relocation, buying for the first time, or selling luxury and aviation real estate properties, I can help you transition smoothly.
2015 Sharpsburg McCollum Unit 110
Sharpsburg, GA 30265
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