What do upsizing to a larger house or downsizing to a smaller one have in common? Both moves involve two separate real estate transactions – specifically, buying and selling.
If you’re looking to move in the near future, it’s important to approach the market thoughtfully. Both buying and selling a house can be busy, hands-on processes, and when you have to do both at the same time (or at least one right after the other), things can get quickly difficult.
As a local Oakville real estate agent, I’ve spent decades helping clients navigate these two transactions, ensuring they get the best results possible from both, while making the journey as smooth and stress-free as possible.
In this blog, I’ll share my insider tips on what you need to know about buying and selling a house at the same time. Let’s get started!
Step One: Find A Great Realtor
Your initial step in the real estate process, whether buying or selling (or both), should be to find a great real estate agent. This step shouldn’t be taken lightly. In fact, it’s arguably the most important decision you’ll make when buying or selling.
The agent you hire will have a major impact on what you’re able to accomplish in the market. When selling, it’s their job to position your property for a great sale. As a buyer, they’re your link to the homes and communities that suit your needs and budget.
Your Realtor will also serve as a crucial advocate in the negotiation process for both the sale and purchase of your home, ensuring the deal is finalized while consistently prioritizing your interests – more on that later!
Want to know more about the home selling process? You’ll want to read these blogs next!
- How to Get Your Home Ready For Sale
- How to Find the Best Oakville Real Estate Agent to Sell Your Home
- 5 Tips For Selling Your Oakville Home
Should You Use the Same Realtor For Buying and Selling?
Regardless of which transition you’re undertaking, working with an experienced and knowledgeable real estate agent is essential. But, should you work with the same professional for both transactions?
Speaking generally, working with the same Realtor for your home purchase and sale is totally okay. In most cases, it can usually make your experience smoother and more efficient.
There is, however, one notable exception to this.
When it comes to buying, it’s important that your agent is not the same professional who is representing the seller. Why? Because they’ll be more focused on ensuring the seller gets top dollar for the home – rather than looking after your interests.
At the end of the day, you want a Realtor who will fight for you to get the best price and terms possible. They simply can’t do that if there’s a conflict of interest.
Step Two: Be Ready to Act Fast
Navigating the market is all about making confident and informed decisions. As a seller, you may only have a few hours to respond to an offer on your home. When house hunting, you may need to act quickly when you come across a home you love – or else it could get snatched up by another buyer.
Before entering the market, it is beneficial to clearly define your specific goals. Doing so will help guide you through the significant decisions you will inevitably face. For example, take time to decide on a ceiling for your budget before you even make an offer. On the selling side of things, consider your bottom-line price.
Figuring out what you’re comfortable with in advance will make your journey less stressful, and when the time comes to make major decisions, your agent’s advice and recommendations will add an extra layer of confidence.
About to downsize your home? You may find these blogs helpful!
What Happens to a Mortgage When You Sell?
One of the logistical hurdles that can come up when selling and buying a home at the same time is figuring out what to do with your mortgage. If you’re still in the process of paying off the mortgage on your current home, there are a few ways to proceed when you move.
First, you can choose to pay off your mortgage and close it out once you’ve received the funds for your sale. This option is fairly straightforward forward, but it can come with fees or financial penalties.
On the other hand, your bank may allow you to port your mortgage, which means transferring a mortgage from one house to another. This allows you to keep the same interest rate and terms from your current agreement.
Helping You Reach Your Goals
When you’re ready to start your next chapter, you’ll want to partner with a dedicated real estate agent who can translate your goals into real world success – like me!
Drawing on more than 30 years of experience, I can help you make the most of your home sale, ensuring maximum results with minimal stress. When you’re ready to find a new home, my in-depth understanding of Oakville and its surrounding communities can help you find the perfect place at a great price.
Ready to buy or sell? I can help! To get in touch, call 905-346-8188 or email me at stacey@staceyrobinson.com.
At Your Service
I’m here to guide your real estate venture with an education to empower you. Let’s chat about what your needs, and I’ll tell you how I can help you meet them.
