We own property but live in a different neighborhood. How can we make the sell-buy process work to enable us to move to a more desirable neighborhood?

Moving to a more desirable neighborhood involves careful planning, especially when selling and buying properties simultaneously. From our experience with this kind of change, here’s how to make the process work smoothly:

1. Assess Your Finances

• Equity Evaluation: Determine the equity in your current property to understand how much you can put toward the new home.

• Budget: Define your budget for the new home based on your equity, savings, and pre-approval for a mortgage.

2. Work with Experienced Professionals

• Real Estate Agent: Partner with a real estate agent experienced in simultaneous transactions. We can help you strategize and negotiate both deals.

• Lender: Work with a lender who can advise on financing options, such as bridge loans, to manage cash flow during the transition.

3. Decide on the Sequence

• Sell First:

o Reduces financial risk, as you know the exact proceeds from the sale.

o May require temporary housing if your new home isn’t ready.

• Buy First:

o Offers security in securing your desired home but requires stronger financial readiness, possibly through a bridge loan or a contingency sale.

• Contingent Offers: Negotiate with sellers to make your new home purchase contingent on the sale of your current property.

4. Prepare Your Current Home for Sale

• Timing: Sell during a peak market season for your area to maximize profits.

• Staging: Ensure your home is move-in ready to attract buyers.

• Marketing: Use high-quality photos, videos, and listings to draw interest quickly.

5. Research the Desired Neighborhood

• Work with your agent to identify potential homes in your target neighborhood. Visit properties and track market trends to avoid overpaying.

6. Align Closing Dates

• Aim to align closing dates to minimize disruption. For example, schedule your sale’s closing to occur shortly before or on the same day as your purchase.

7. Plan for Temporary Housing (if necessary)

• Consider short-term rentals or staying with family if there’s a gap between selling your current home and moving into the new one.

8. Stay Flexible

• Be prepared for unexpected delays or adjustments in your timeline. Flexibility will help reduce stress during the process.