How to Time Selling and Buying a Home: A Smooth Move
Know Your Market:
- Seasonality: Is there a time of year when houses typically sell faster in your area?
- Market Conditions: A seller's market might allow you to sell quickly and negotiate a good price.
Planning is Power:
- Pre-Approval is Key: Getting pre-approved for a mortgage on your new home shows sellers you're a serious buyer.
- Open Communication: Talk openly with your real estate agent about your timeline and priorities.
Choosing Which Comes First
When you need to sell one home and buy another, the biggest question is the order. Selling first gives you a clear budget and a stronger offer, since your purchase won't depend on another sale. Buying first lets you move once and shop without being rushed. Many South Jordan homeowners land somewhere in between, closing both transactions close together.
Tools That Help Line Up the Dates
- Contingent offers: Your purchase depends on the sale of your current home. This protects you but may be less attractive to sellers in a competitive market.
- Rent-back agreements: After your home sells, you rent it back from the buyer for a short time while you close on your new place.
- Flexible closing dates: Negotiating a longer or shorter closing can help both deals line up.
- Bridge financing: Short-term loans can cover a down payment while you wait for your sale to close.
Prepare Your Home Before You Shop
Get your current home ready to list before you start touring homes seriously. Declutter, handle small repairs, and gather documents. When you find the right house, you'll be ready to list quickly, which makes your offer more credible.
Have a Backup Plan
Even with careful planning, timelines can shift. Talk with your family about options such as a short-term rental, staying with relatives, or storing belongings for a few weeks. Having a plan B reduces stress if closing dates don't line up perfectly.
A Sample Timeline
- Meet with your lender and agent to set a budget and strategy.
- Prepare and list your current home.
- Start actively shopping once you have showings or an offer.
- Coordinate closing dates on both homes.
- Move in and settle into your new neighborhood.
Becks Nielson coordinates buy-and-sell moves for families across South Jordan and Daybreak. Call (801) 390-9576 to plan your smooth move.