The listing is up, and potential buyers are lining to come and see your home. And buyers are a nosy bunch. They peek in every corner, inspecting every nook and cranny. But your boxes are lying all around, and that doesn’t leave a great impression. Have you recognized yourself in this scenario? No? Well, that is fantastic news. It means that you have taken the wiser route and decided to learn how to juggle selling your house and moving at the same time first.
Admittedly, selling and buying or moving simultaneously is not an enviable position to be in. It can get overwhelming pretty quickly, especially if you have decided to go about it independently. However, there are ways to make the process more manageable. This article will tell what they are.
Research the market
Before anything else, you have to understand the housing market in your area. That will allow you to prepare better and devise a solid plan that will ensure you go through the process smoothly.
Firstly, it will be highly beneficial to know what kind of market you are selling in. If it’s a seller’s market, which means that there is more demand than there is supply, you are in a preferable position. The chances are that you will sell faster and for a better price, as there will likely be more interested buyers. On the other hand, if it’s a buyer’s market, meaning there are more homes for sale than there are buyers, you will have to be more flexible in terms of contingencies and what buyers ask from you.
Also, it is imperative to check what the median price for homes in your area is. It will help you determine what you should list your price at. In addition, it would be wise to find out when the best time to sell is. Of course, this will depend on your situation because if you have to move fast, you have few options. So, the best time to sell will have to be now. In that case, consultants at City Movers advise you to start preparing for the move immediately, so you have more time to deal with the technicalities of the home sale.
Start the process on time
The journey you are about to embark on will be anything but simple and easy. There will be many moving parts, which is why it’s crucial to start planning on time. And the best way to do that is to allow yourself plenty of time to figure everything out and to allocate enough time for every step you will have to take. As always, time management is a critical skill, and when you have to juggle selling your house and moving at the same time, it will come in very handy.
Depending on where you are moving, you will need different amounts of time. For instance, if you are moving to another state or country, the entire endeavor can last for several months. Thus, if you have the benefit of time, make sure to use it to your advantage.
Devise a plan
Once you understand your market and price your home well, you will know approximately how much time you will have before you close the deal on your house. So, now that you have a timeframe, you can begin planning every step.
Moreover, it would be smart to get a home inspected and appraised. Not only will it help you estimate your home value, but it will also show you how to prepare your home for sale and what issues you must fix to get the best offer possible. And make sure you get permits if you plan to conduct more extensive work because selling a home with unpermitted work is not an easy feat.
Besides the repairs and upgrades, the plan should involve your budget (for the repairs and relocation expenses) and the moving checklist.
Get your finances in order
Getting your finances in order is paramount, especially if you are also buying a new home to move to. You have to account for a potentially sizeable down payment. Additionally, both selling and buying a house come with some hidden expenses you may not be aware of. Plus, if you are purchasing in a seller’s market, you may have to offer to pay above the asking price.
Furthermore, if you have to leave the house you are selling before you have bought a new home, you must cover the renting expenses and/or storage expenses. You must keep your belongings somewhere before you can bring them to your new place. Alternatively, if you move before you have sold your old house, you have to consider whether you can cover the expenses for both homes for a while, including possibly two mortgages.
Also, if you don’t sell your home before you can buy a new one, it will affect your purchasing power. As you can see, there are a lot of points to consider and a lot of possible scenarios. Thus, you must know all that can happen and plan your budget accordingly.
And if you think this is the end of the selling and moving costs, sorry to disappoint; it is not. You may have to do some repairs in your new home as well or buy some new furniture.
Plan for the moving budget
Finally, relocations are not cheap either. Besides the moving company, you have to remember that you must buy packing supplies. This may seem like a minor expense, but remember that those pile up quickly. But at least there are ways to save some money when preparing for packing. You have to find a smart way to do this using what you already have. For instance, your drawers, suitcases, cupboards, duffle bags, etc., can all be vessels for your belongings.
Hire a real estate agent
When you need to juggle selling your house and moving at the same time, you will have a lot on your plate. Thus, it would be best to hire a real estate agent to help you. Yes, it is a pricier path, but these professionals will save you a lot of time and get you the best possible deal. Also, if you are purchasing a new home, it’s highly advisable to work with an agent who knows the market and can ensure you avoid some costly mistakes.
Hire a moving company
When you need to juggle selling your house and moving at the same time, you will have a lot on your plate. Thus, it would be best to hire a real estate agent to help you. Yes, it is a pricier path, but these professionals will save you a lot of time and get you the best possible deal. Also, if you are purchasing a new home, it’s highly advisable to work with an agent who knows the market and can ensure you avoid some costly mistakes.
Hire a moving company
You may think this is an expense you don’t need. But think again. A moving company can save you some money and provide a professional service to get you to your new home faster. If you DIY the relocation, you will have to rent a moving truck or drive back and forth multiple times. Additionally, if anything happens and some of your items suffer damage, you won’t have insurance to cover it.
Final words
It’s not easy to juggle selling your house and moving at the same time. But it is doable if you arm yourself with some knowledge, evaluate your financial situation correctly, plan your budget, and hire trustworthy professionals to rely on.