You may be overwhelmed at the thought of selling one home and purchasing another. Still, with proper planning, an experienced real estate agent, and a little good fortune, you can pull it off. Depending on how the scenario plays out, you can follow some simple strategies to make the process run smoothly and seamlessly.
If you sell before buying
Considering the 30A area is still a seller's market, there is more than a good chance that your home will sell before you buy another. As interest rates rise, this trend may shift, but the housing inventory remains low for now, putting you at an immense advantage for selling.
So now the question is, where will you live if you don’t find another house before the closing date? Don’t panic. You have a few options in this situation.
Find an experienced agent
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First, If you haven’t found one, make sure you have an experienced real estate agent. When looking at 30A homes for sale, it’s crucial to have an agent who knows and understands the market and its specific trends. When buying and selling in 30A, you should use the same agent for both transactions.
The agent will look for properties you’ll love in the neighborhoods you’ve chosen. Also, the agent can help you navigate through this complicated process of buying and selling at the same time and handle all the critical communications so you can concentrate on finding the perfect home for you and your family.
If you’re moving from another area and have a different agent handling the sale of your home, ensure the two agents are consistently communicating with each other. They need to coordinate the timing of closings and other specifics critical to making things run smoothly.
Communicate with the buyer
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It never hurts to ask the buyer of your home to delay the closing until you’ve found another house and are ready to close on it. You never know if that might be something that will work for their situation also.
They may agree to delay the closing, giving you a chance to continue home shopping. If you can find another house and coincide the closings, it could come together ideally.
Rent a home
You also have the option to rent a house while you’re waiting to buy a home. There are gorgeous long-term rentals available in all of the neighborhoods surrounding 30A.
It does require moving everything out of your house and into storage until you close on a new one. That also means that you’ll need to move everything you own twice. Not a perfect situation, but don’t let that pressure you into deciding on a house you don’t love.
Consider post-possession
Post-possession means that once you’ve sold your house, the buyers agree to rent it back to you for a set period. This may be a little challenging if you’re moving out of the area and must travel to look at houses.
It still might be easier than packing up all your belongings and putting them into storage until you can buy another house. Besides, most listings have a virtual tour or a virtual open house, giving you an excellent preview to decide if a viewing would be worth the trip.
The real estate agent you’re working with will also be watching and communicating with you on new properties coming onto the market and offering their good advice about what you should and shouldn’t be considering.
The typical post-possession agreement lasts for 30 days. If you’re planning to buy in the 30A real estate market, this should give you plenty of time to find the perfect property. This luxurious stretch of the Emerald Coast has many luxury homes with breathtaking views.
The good news is that selling your home first gives you a clear advantage when buying another one. Sellers want to know you are ready to purchase and close with no contingencies or hold-ups. They are much more willing to take your offer than another buyer who needs to sell their home before they can buy another one.
If you buy before you sell
Having the resources to carry two home mortgages simultaneously will make buying and selling more manageable and less stressful. You probably won’t want to hold onto your original home for too long, but the good news is that you shouldn’t have to in the current seller's market.
You can have your home professionally staged and photographed to show off its impressive amenities. The seller’s market also gives you the advantage of accepting an offer from a buyer who doesn’t come along with contingencies, which means the offer will be lucrative without too many complications.
Timing
Assuming the stars align and you buy a house and sell yours in a relatively close time frame, try to schedule the closings as closely as possible. You might not want to do them on the same day; this could get a little complicated, especially if you travel for the transactions. It’s also important to time them so that you have a moving truck scheduled appropriately and everything is packed up and on the truck before the new owners arrive.
Hopefully, the previous owners of your new home will do the same, and your moving truck won’t be outside waiting to unload while they are still packing up.
Experience is essential
Choosing a real estate agent with extensive experience with this kind of scenario can not be understated. It could be the difference between an effortless transaction and a high-stress, agonizing situation.
When selling and buying a home simultaneously in the 30A real estate, Hillary Farnum-Fasth and Jacob Watkins at Corcoran Reverie have the experience and dedication to navigate this complex process and handle the intricate details smoothly.
Reach out to them today for their wise and informed advice on the best way to sell your home so you can buy the luxurious 30A property of your dreams.
*Header photo courtesy of Shutterstock