PHH Home Loans Blog

What to Do When You’re Buying and Selling a House At the Same Time

September 15th, 2016

Couple - moving in new apartmentBuying and selling a home is very stressful. Doing both at once can be utterly crazy. Sometimes, you don’t have a choice.

Real estate is a business based on supply and demand. If there are only a few houses for sale, buyers have to compete for those available homes, making it a sellers' market. When hundreds of homes are on the market, house hunters find themselves in stronger bargaining positions relative to sellers, making it a buyers' market.

Currently here, we are a seller’s market. There are a number of new home divisions being built, and that could change the balance soon.

Start the Process Early

Get your finances in order by checking your credit report and score to ensure there are no surprises. Work with a professional loan officer to get prequalified. And find a reputable real estate agent with experience in sell/buy contingencies.

Also, most people want top dollar for the home they’re selling and the lowest price for the home that they’re buying. It may be worth your while to sell during the height of the real estate season and then buy a few months later.

If that’s not possible, then you will need to be more flexible on the pricing.

Get Packing

You may need to move very quickly once the right offer comes in, so start boxing up stuff you don't need easy access to. Get rid of all the things you won't need until you've moved into your new home. This will help make your home show better and starting the packing process now will make it that much easier to move later. Rent a storage space if you need to.

Do The Quick Fixes

Repaint the walls. Repair the fence. Plant some pretty flower bowls. Do whatever will put your current home’s best foot forward.

While many variables can come into play when you're buying and selling property, assembling a top-notch team of advisers and doing your homework ahead of time can help ensure your real estate transactions go as smoothly as possible.

This is not a commitment to lend. Loan programs, rates and terms subject to change without notice and are subject to property and credit approval. For informational purposes only. Restrictions may apply. Your real estate professional is not a mortgage lender. Please contact your Loan Officer for information about mortgage products and your eligibility for home financing. PHH Home Loans, LLC, 1 Mortgage Way, 3rd Floor, Mt. Laurel, NJ 08054. NMLS ID # 4256 ( Arizona Residential Mortgage Licensee #BK 0907270; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Illinois Residential Mortgage Licensee #MB.6759865; 100 W. Randolph, 9th floor, Chicago, IL 60601, 800-532-8785; Minnesota - This is not an offer to enter an interest rate lock-in agreement; Missouri in state office located at 2458 Old Dorset Road, Maryland Heights, MO; Ohio Certificate of Registration MB.804019. Equal Housing Lender.
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