Here’s how to buy and sell a home in today’s hot market.

It’s quite common these days to hear from clients who want to buy a new home and also need to sell their current one. Most of them are unsure about how to go about this process. If you’re in this position, today I’ll share some of the options available to you.

In the past, the process was a little more clear-cut. Sellers could list their homes on the market with the contingency that they need to find a new home to buy. That would give them the protection they needed to search for a new home while their old one was under contract. If for some reason, they weren’t able to find what they were looking for, they could just cancel their contract on their existing home.

That’s not the best way to do it anymore, largely because of how hot this market is. I’ve found that there are a few ways you can approach the situation:

1. Get private financing. You can get what’s called a bridge loan, which will give you the funds to purchase your new home. Then you can list your home and use the proceeds to pay off the loan.

2. Home equity line of credit. This can be a cost-effective way to handle a dual transaction, though it does come with a waiting period that can be challenging, depending on your timeline.

3. Use programs. Companies like HomeLight can also help execute your plan by making you a cash offer on your current home so that you don’t have to worry about finding a buyer. This way, you can quickly close both transactions.

“With the right support, buying and selling at the same time can be done with relatively little stress. ”

Everyone’s situation is different, so I recommend that you speak with a local real estate team who can help you achieve your primary goals and give you an overview of the options that make sense for you. With the right support, it can be done with relatively little stress.

If you have questions or need any assistance, please feel free to give us a call or send us an email. Hope to hear from you soon!