The National Association of Realtors estimates that 71% of repeat home buyers owned their previous home. This means they were likely in the typical situation of trying to buy and sell a home at the same time. If you find yourself in this stressful situation, you may be wondering how to handle everything, from putting a down payment on a new home while your current home is still on the market to the logistics involved in moving. Here are some tips that will help you navigate this common dilemma.
If you’ve already found homes for sale in Del Mar you’re interested in buying but have not sold your current home, then the logistics can sometimes get overwhelming. The last thing you want is to end up with two mortgages you can’t afford or, even worse, have nowhere to live. Make a plan before you start the buying and selling process so you’ll have a solution no matter which situation you end up in. Here are some ideas:
If you’ve found a piece of Del Mar real estate you are ready to buy but have not successfully sold your current home, you may find yourself in a bind. How do you put a 20% down payment on a new home when your equity is still tied up in your current home? Here are some common solutions to this problem:
Why not work with a pro whose experience is in helping clients buy and sell homes successfully? Compass Concierge agents act as partners to help you decide which services you need most to sell your home so you can free up equity to buy a new one. They can help secure vendors for and negotiate projects like repairs or remodeling projects and services, including staging, deep cleaning, and inspections. When you work with a concierge agent, you don’t have to pay for services until your home sells or 12 months pass, whichever comes first. This enables you to increase your chances of selling your Del Mar real estate for the price you want without blowing your budget.
When you attempt to buy and sell simultaneously, there is a possibility that you will have to pay two mortgages for at least a short period. It’s important to talk with your Del Mar real estate agent before you begin the process and decide if this is feasible with your current financial situation. Knowing exactly where you stand will help both you and your agent determine the correct way to move forward. If you are in a precarious financial situation, you may both decide it’s best to sell your home first before looking at new homes for sale in Del Mar, or you may choose to hold off on both until your situation improves.
Do you want to begin looking at homes for sale in Del Mar and also need to sell the house you currently live in? Reach out to an experienced real estate agent like Polly Rogers, who can help walk you through the process.