Selling your home while shopping for a new one can feel daunting to even the most seasoned homeowner––especially when the competition for housing is so high. That doesn't mean, though, that you should just throw up your hands and give up on moving altogether. In fact, as a current homeowner, you could be in a better position than most to capitalize on a seller's market and make a smooth transition from your old home to a new one.

We can help you prepare for the road ahead. Here are some of the most frequent concerns we hear from clients who are trying to buy and sell at the same time.

"What will I do if I sell my house before I can buy a new one?"

While it may be an inconvenience, this is a common scenario that can usually be handled with a little creativity and compromise. Here are some options to consider:

1: Flex your muscles as a seller.

In some cases, a buyer may agree to a rent-back clause that allows the seller to continue living in the home after closing for a set period of time and negotiated fee. We can discuss the benefits and risks involved and whether it's a good option for you.

2: Open your mind to short-term housing options.

If you're lucky enough to have family or friends who offer to take you in, that may be ideal. If not, check out furnished apartments, vacation rentals and month-to-month leases. If space is an issue, consider putting some of your furniture and possessions in storage.

3: Embrace the idea of selling now and buying later.

With cash on hand from the sale of your current home, you'll be in a better position to budget for and buy your next home. And by focusing on one step at a time, you can alleviate some of the pressure and uncertainty involved.

"What if I get stuck with two mortgages at the same time?"

If you can't afford to carry both mortgages, then selling before you buy may be best. (See Tip #3.) But if you have flexibility in your budget for some overlap, it is possible to manage a home sale and purchase simultaneously. Here are some steps to help streamline the process:

4: As you get ready to sell, simplify.

You can condense your sales timeline if you only focus on the renovations and tasks that matter most. We can advise you on the repairs and upgrades that are worth your time and investment.

5: Prep your paperwork.

If you'll need a mortgage for your next home purchase, get pre-approved in advance. And start pulling together relevant records for your current home, such as appliance warranties and renovation permits. That way, you'll be ready to provide quick answers to buyers' questions should they arise.

6: Ask about other contingencies that can be included in your contracts.

For example, it's possible to add a clause to your purchase offer that lets you cancel the contract if you haven't sold your previous home. This tactic could backfire, though, if you're competing with other buyers. We can discuss the pros and cons of contingencies and what's realistic given current market dynamics.

"What if I mess up my timing or burn out from all the stress?"

To make sure you're in the right headspace, take the time to slow down, breathe and delegate as much as possible. In addition:

7: Relax and accept that compromise is inevitable.

Rather than worry about getting every detail right with your housing search and home sale, trust that things will work out eventually––even if it doesn't look like your Plan A or even your Plan B or Plan C. Luckily, if you've got a good team of professionals, you can relax knowing that others have your back and are monitoring the details behind the scenes.

8: Don't worry too much if your path is straying from convention.

Remember that rules-of-thumb and home-buying trends are just that: they are estimates, not facts. So if your home search or sale isn't going exactly like your neighbor's, it doesn't mean that you are doomed to fail.

9: Enlist help early.

Which leads us to our final tip: If possible, call us early in the process. We'll not only provide you with key guidance on what you should do to prep your current property for sale, we'll also help you narrow down the parameters for your next one. That way, you'll be prepared to act quickly and confidently when it comes time to list your home and make an offer on a new one.

Call today for tailored advice that works for you

Buying and selling a home at the same time is challenging. But it doesn't have to be a nightmare, and it can even be fun. Click here for a free consultation so that we can help you review your options and decide the best way forward - or visit our site for listing of homes for sale.

Finding a New Home for Your Next Stage of Life

For most of us, our housing needs are cyclical. A newly independent adult can find freedom and flexibility in even a tiny apartment. That same space, to a growing family, would feel stifling. For empty nesters, a large home with several unused bedrooms can become impractical. It's no surprise that life transitions often trigger a home purchase.

While your home-buying journey may not look like your neighbor's or friend's, broad trends can help you understand what to keep in mind as you house hunt. After all, taking the time now to think about exactly what you need can save a lot of heartache later.

THE NEWLY MARRIED OR PARTNERED COUPLE

The financial and legal commitment of marriage has provided a springboard to homeownership for centuries, though these days more couples are buying homes without exchanging rings. But no matter your status, there are some key factors you should consider as you enter into your first home purchase together.

• Affordability: While many buyers are holding out for their dream home, embracing the concept of a starter home can open a lot of doors. If you focus on buying a home you can afford now with strong potential for appreciation, you can build equity alongside your savings, positioning you to trade up to a larger home in the future if your needs change.
• Mortgage rates: Mortgage rates are at historic lows, but they still require solid credit. If one partner's score is keeping you from getting a mortgage, consider taking out a loan in only the other partner's name. The downside is that applying for a mortgage with a single income will reduce your qualification amount. And if you take that route, make sure you understand the legal and financial implications for both parties should the relationship end.
• Location: A successful relationship takes compromise, so it's important to consider both of your commutes and interests when choosing a neighborhood. Need some help identifying the ideal location that fits within your budget? We can match you with some great communities that offer the perfect mix of amenities and affordability.

THE GROWING FAMILY

Having kids changes everything. Whether you've just had your first child or are getting to the point where your kids can't comfortably share a bedroom any longer, there's plenty to consider when you're ready to size up to a home that will fit your growing family.

• Schools: 53% of buyers with children under 18 say that school districts are a major factor in their home buying decision.But when you're moving to a new community, it can be tough to figure out what the schools are actually like. That's why talking to a local real estate agent can be a gamechanger.
• Lifestyle: How will the home you purchase affect your family's lifestyle? Features like a pool, a finished basement, or an open floor plan can help you enjoy time together.
• Functionality: Consider your day-to-day needs. Will a walk-in pantry or a well-designed laundry room make life easier? Chances are, you won't find every nice-to-have in one home. But we can help you assess your options and give you a sense of what is realistic within your budget.

THE EMPTY NESTERS

When we talk about empty nesters, we usually think about downsizing. With kids out of the house, extra rooms can quickly become more trouble than they're worth. But there's plenty for empty nesters to think about besides square footage.

• Maintenance: Ready to relax or travel now that the kids are gone? Keep in mind that newer homes tend to require fewer repairs, and smaller homes have less space to clean. And if you don't love yard work, a condo or townhouse might be preferable to a single-family home.
  
  
• Lifestyle: If you're retired (or nearing it), consider how you'd like to spend your days. For some, that might mean living near a golf course or a beach. For others, being able to walk downtown for a nice dinner out is the priority. And with more time to spend as you wish, proximity to a supportive community of friends and family is priceless.
  
  
• Ability to age in place: We can't escape aging, so it's wise to think ahead. This may mean choosing a single-story home with a walk-in tub or shower. Location matters, too—if your family will be providing support, are they close by? Can you easily reach necessities like grocery stores and healthcare? A few careful considerations now can make staying in your home long-term much more feasible.

FINDING THE RIGHT HOME FOR RIGHT NOW

Whatever stage you're embarking on next, insight into local neighborhoods, prices, and housing stock will help you hone in on exactly where you want to live and what kind of home is right for you. Buying a home—whether it's your first or your fifth—is a big decision, but we're here to support you every step of the way.

We support the Fair Housing Act and equal opportunity housing.