What are my options to buy and sell?
I work with a lot of families in the Triangle area of Raleigh who have to buy and sell at the same time and it can be a stressful process. There are a lot of variables that change with each client, so today I wanted to run through the three strategies ways you can buy and sell:
A. Buy first. This is probably the most obvious and common answer. It’s simple, you only have to move once, and you can sell your home vacant. The only issue with this solution is that it is dependent on the state of the market. If it’s a buyer’s market, you could buy your new home but have trouble selling your old one. Then you’d be stuck with two mortgages.
B. Sell first. This option takes a lot of stress off your shoulders because you don’t have to worry about paying a double mortgage. Also, you know exactly how much equity you have to work with when shopping for your new home. If you negotiate a seller leaseback, you can even rent your home back from whomever you just sold it to. The main issue with this approach is that you have to buy a new home quickly. If you don’t, you may have to find temporary housing while you shop for your new home. However, a good agent will help you navigate through all your options.
C. Buy and sell on the same day. This is the trickiest option, but also the best. There are a lot of benefits to this option. You only have to move once, and you sign all your documents on the same day. However, I highly recommend hiring an experienced agent if you choose this option. There are a lot of moving parts to keep track of, so your Realtor is going to have their hands full. The biggest drawback to this option is if your buyer has issues with their financing, it can throw the whole transaction off, so you have to make sure you have a great buyer.
All these options have pros and cons attached, but my team has experience with them all. We have the process of buying and selling down to a science. If you are looking to buy and sell simultaneously in the Triangle area of Raleigh, please reach out to me. My team and I are always willing to help.