7 Tips for Selling and Buying at the Same Time

Buying and selling a home at the same time can be a stressful experience, though there are steps you can take to make the process as smooth as possible.

By Josh Sherman | 2 minute read

Early preparation is key when buying and selling a home simultaneously.

The prospect of buying and selling a home at the same time may sound like a lot, but, with the right approach, homebuyers can make the experience less overwhelming. Here are seven tips from Wahi REALTORS® for buying and selling a home at the same time.

1. Get your finances in order.

Take stock of your income, employment status, debt, credit score, and even your monthly expenses to get a complete picture of your personal finances. Doing so should help you decide whether you’re up for simultaneously buying and selling a home.

2. Obtain your home’s estimated value.

If you’re buying and selling at the same time and you need the proceeds from the sale to make your next purchase, getting an accurate estimate of your home’s value is important. This will help you set your budget for the home you buy. Wahi’s Home Value Estimator is a great place to start.

3. Know the market.

You’re going to want to know about the state of the housing market if you’re buying and selling at the same time. Market conditions are double-edged when you’re both a buyer and seller. For example, a hot market can help you get a higher sale price, but this also means you’ll be competing with more buyers when you’re looking for your next home. A resource such as Wahi’s Market Pulse tool can help you get a sense of local market conditions. The data-driven tool compares actual recent list and sold prices and breaks down which neighbourhoods are in overbidding and underbidding territory, respectively.

4. Find an experienced realtor who understands the data. 

Speaking of data, you’ll want an experienced Realtor who isn’t afraid to drill down into the numbers. All of Wahi’s in-house Realtors have 10-plus years of experience and access to the latest housing data.

5. Speak to a mortgage broker.

Consulting a mortgage broker sooner rather than later is essential. This will help you nail down your budget. A mortgage broker can also walk you through options such as bridge financing, which is helpful in situations where you end up closing on a home before the sale of your existing property firms up.

6. Go see a few places. 

Whether you’re buying or selling first, it helps to go out on a few showings early on. You may not intend to buy at that exact moment, but the experience of checking out listings will give you an idea of what’s on the market.

7. Make a backup plan

It’s rare, but sometimes sellers aren’t able to find a new home before the closing date on their own home. However unlikely, be prepared for this scenario. Just in case, consider where you’d store your furniture during this in-between phase. Look up short-term rentals. See if you can temporarily stay with friends or family. Make sure you have a budget for any expenses related to a transitional period so that you aren’t caught off guard later.