In an ideal world, you would happen upon the home of your dreams two weeks before your present residence went into escrow — whether that perfect home is a seaside sanctuary on Maui’s South Shore or a glamorous townhome in New York City.
And yet, without approaching the simultaneous sale and purchase of homes strategically, there may be a notable gap between when you hand over your keys and when you open the front doors of your new abode. And in that delay, you may have to shell out serious cash to pay for a hotel or an Airbnb or commit to a long-term rental lease.
We here at the Ohana Real Estate Team understand your pain, which is precisely why we created this foolproof timeline for buying and selling homes simultaneously. Read on as we review your steps to ensure a streamlined move.
Select a first-rate real estate agent
Buying and selling homes simultaneously is a more intricate and involved process than simply purchasing a place or selling your property. Financial concerns, essential deadlines, and legal and recommended requirements can overwhelm even the most seasoned investor.
To this end, it’s imperative to work with an experienced real estate agent who is deeply attuned to your local market — and, if you’re moving to a new area, has impeccable connections in the place where you’re relocating. If you plan on remaining in the same region, a realtor with a proven track record on both sides of the buying and selling equation will be well-versed in the urgency of your needs.
Our advice? Refrain from working with the first recommendation that comes your way, and interview two to three real estate agents to ensure it’s an ideal match. Responsiveness, honesty, compassion, and a nuanced understanding of your particular market are four of the top qualities you should seek out.
Perform a pre-listing inspection
Pre-listing inspections are an enormous time-saver. In a worst-case scenario, you would time buying and selling your present and new homes just right — and have serendipity on your side — only to discover during negotiations that your buyer’s inspector discovered significant, though not obvious, flaws in your home and your buyer has been given the legal right to back out of the deal. All the while, you’ve already placed a down payment on a new home and don’t have the cash immediately available to manage substantial repairs.
All of this can be avoided with a pre-listing inspection. A licensed inspector can empower you with the knowledge to perform renovations and upgrades before your home hits the market. Doing so will also give you a more realistic picture of your financial situation, which will play a major role in the new home you purchase.
Prepare your home with care
The more effort you invest in making your home as irresistible as possible, the less time it may spend on the market. With this in mind:
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Declutter from an objective perspective and place the majority of items you’ll be taking with you in storage
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Hire a team of reputable, professional cleaners to make your home sparkle from floor to ceiling
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Bring an expert home stager on board to prepare your home for professional real estate photography and videography, which will be woven into your marketing materials, and for open houses and showings
Lastly, pay close attention to your home’s curb appeal. It also may play a pivotal role in the number of days your home spends on the market.
Assess comps closely with your real estate professional
“Running comps” is an invaluable practice. Not only will it help dictate your asking price, but it’ll also furnish you with a stronger grasp on the length of time you should expect to have your home on the market. This will factor directly into when you should put an offer on a new home. Heed your real estate agent’s advice, and select a price that is competitive but justified to ignite multiple offers.
List your home
With the right price set, it’s time to list your home and market it brilliantly — tasks that will be largely assumed by your realtor.
Begin searching for a new home
Buying and selling homes at the same time arrives with an added benefit. Rather than stressing over your listing, you can direct that anxious energy toward something more thrilling: Exploring homes in your desired area. Entrust your real estate agent with open houses and showings to explore listings in your chosen region. Then, attend your own open houses and showings to land on the house that surpasses your expectations.
Make – and accept – an offer
Once you’ve found the ideal home, create an offer package with your real estate agent that includes a clause stating that closing is contingent upon the sale of your present residence. This is more common than you might imagine, and a realtor who is a negotiation ace should be able to figure this into your contract.
At the same time, if you’ve carefully examined the average DOM (days on market) in your area, you should also be accepting an offer on your current residence at the same time. Your real estate agent may be able to work it out so that there is only a short window of time between congratulating the new owners of your former home – and accepting congratulations of your own.
Buying and selling homes simultaneously isn’t impossible, but it does require a real estate agent who is prompt and diligent — and possesses high-impact negotiating prowess.
These are just a few of the qualities the Ohana Real Estate Team brings to the table. Specializing in Kihei real estate, Lahaina homes for sale, and real estate across the island of Maui, we have helped dozens of people time the sale and purchase of their homes just right. Schedule a consultation with us today to discover the unbeatable lifestyle that awaits on the Valley Isle.
*Header photo courtesy of Shutterstock