One of the most stressful aspects of navigating the housing market is Selling your current home while Buying a new home at the same time. It can be emotionally and financially stressful for you. However, there are different options that are available when entering the North Iowa housing market. Check out the seven timing options for selling and buying your home.
- Selling Before Buying: The first timing option is the most commonly used one by home sellers. It allows you the most financial stability. When you sell your current home first, you have money in your pocket that can be used towards your new home.
- Buying Before Selling: The second option works for those home sellers that can afford to have two mortgages at once. If you have the available finances to make this option feasible, the benefit of it is that it allows you time to fix up your old home before listing it on the market.
- Buying and Selling Concurrently: The third option is also commonly used. In this scenario, you are at the mercy of the market. You want to work closely with a realtor to make this option work for you as they can help you find buyers for your current home while also helping you close on your dream home.
- Selling on Contingency: The fourth option should be a last resort. Many buyers will be turned off from your current home because this option means you will only sell your current home once you have found a new home for yourself.
- Buying on Contingency: The fifth option is similar to the previous one except that the buyer has the contingency. As the seller, you might not be willing to do this as it means the buyer will not purchase your current home until they sell theirs.
- Right of First Refusal: The sixth option again puts control into the hands of the buyer. In this case, a buyer that has strong finances is given the option to submit an offer before all other buyers. Many sellers won’t pick this option since it limits the chance you will get a bidding war for your current home.
- Rent Your Home: This last option means you rent out your current home and use that income to buy a new home. You should only opt to rent into of sell if you can find a trustworthy tenant to move in.