Aligning the sale of your current home with buying a new one can be advantageous, primarily if you rely on the sale proceeds for your new purchase. With the right approach, this process can be challenging but manageable in Florida’s dynamic real estate market.
Understand the market
Recognize whether you’re in a buyer’s or seller’s market. Your current home may sell quickly in a seller’s market, but finding a new home might take longer. Conversely, in a buyer’s market, you might find your new home easily but struggle to sell your current one.
Consult an experienced real estate professional
A board-certified real estate lawyer can guide you through the process, helping with pricing, negotiations and finding your new home—interview multiple professionals to find the best fit.
Consider contingency clauses
Use contingency clauses to make offers on new homes contingent on selling your home. This strategy helps avoid carrying two mortgages simultaneously.
Explore financing options
Discuss bridge loans or home equity lines of credit (HELOCs) with your lender. These options can provide funds for buying your new home before selling your current one. Understand the terms before committing.
Plan for temporary housing
If the timing doesn’t align perfectly, consider short-term rentals or staying with family or friends. This flexibility reduces stress and allows more time to find the ideal new home.
Coordinate closings
Work with your real estate agent and attorney to coordinate closing dates. To minimize time without a permanent residence, aim for the sale and purchase to close on the same day or within a few days.
Seamless transaction
Approach this process like a choreographed dance. You are juggling both the purchase and sale of a home simultaneously. By following these steps, you can move gracefully from one house to the next and settle into your new home comfortably and efficiently. And with the right advice, you’ll comfortably settle into your new home without missing a beat.