5 Mistakes People Make When Buying and Selling At The Same Time

No matter how long you have been working in the real estate industry, it is hard not to pick up a few things along the way. Whether you are a professional or an individual, there will always be things out there that will pay off if you can learn them.

Have you already conquered the first step of the homeownership quest? Are you now thinking about upgrading to a new home? If so, many things are very important for you to orchestrate a successful home purchase.

Not only do you need to contend with all the factors from your initial journey, now you will have to worry about finding a buyer for your current home as well.

Most Common Mistakes Made By Homeowners When Selling And Buying Homes Simultaneously

As long as you do not make any mistakes, it is not difficult to successfully orchestrate something like this. It is important to remain flexible and understand that the number of moving pieces doubles once you are doing to deals like this.

That means that there are many more places where something can get jammed up, and you need to be patient during this time. Here are a few of the most common mistakes that you can look out for and hopefully avoid.

Prepare Your Home For Sale Long Before You Plan To Move

Whenever you are thinking about moving, there is always the temptation to focus on the homebuying process.

Purchasing a home is always an exciting and fun experience for most people. On the other hand, a lot of people find the process of moving out of a home to be a little bit melancholy. It is normal to be drawn to the homebuying process a little more.

However, you need to ignore that instinct and ensure that the home is ready for sale long before your planned closing date on the new home.

Work With The Same Real Estate Agent For Both Deals

Some people are tempted to work with two separate real estate agents whenever they purchase and sell a home. Unfortunately, this is not a good move in most cases. There is double the number of opportunities for miscommunication to occur.

Now you’ll have to deal with both parties. Once you are familiar with the realtor, they are familiar with you and know how to work well with you. Choosing them to help you with both deals doubles the amount of work that you are giving them and doubles the commissions they can earn.

Most realtors will give you even greater attention if you rely on them for both deals. That way, you can minimize the amount that you pay on fees while maximizing the customer service experience.

Making Backup Plans

As stated previously, many things can go wrong during this process. Most of them are not necessarily world ending. However, you should keep an eye out for a few things, and if you encounter them, you need to be ready for action.

Ensuring that you are ready for any scenario will allow you to remain flexible throughout the home selling and the home buying processes.

Let Your Eyes Be Bigger Than Your Stomach

Many people get a little too greedy with their second home purchase. They may have purchased a starter home the first time around and feel that they can get something a little more pricey this time.

While there is nothing wrong with moving up and improving your standard of living, you should not bite off more than you can chew.

Once you purchase a new home, you are stuck with it, and it may be difficult for you to sell if you need to sell it for any reason. As home price increases, the number of qualified buyers decreases in any given area.

Schedule The Closing Date, So It Is Convenient For You

The closing date can be a major source of frustration, or it can be relatively painless. The course that your closing date takes will depend on how you plan for it.

Choosing to schedule it well in advance can allow you to plan the day to your advantage. In that way, you can minimize as much of the fiction as possible on that day.

Final Thoughts On Buying And Selling Homes Simultaneously

Buying and selling a home at the same time can be pretty intimidating for first-time homebuyers and first-time home sellers.

Learning how to orchestrate one of these deals is not as difficult as you may think. Rely on the skill of your realtor, and you will be in great hands. Just remember to try and learn as much as you can along the way.