Most home sellers also need to purchase another home to move into. This is an extremely common problem we see in our market, and it is one that we deal with on a regular basis. There isn’t one particular solution that works for everyone, so we’ll talk about a few different strategies.
When you decide to buy before you sell, you’re putting yourself at a distinct disadvantage. This is especially true in our local market where homes are selling rapidly. If you put a contingency on your home’s sale, buyers will be reluctant to purchase your home because they’re out there looking for the best possible deals. However, when you do this you don’t risk paying two mortgages.
If you decide to sell first, you should put a contingency on the sale of your home, and once you have an offer you can immediately begin looking for homes to buy. I know this doesn’t excite home sellers, but sometimes this is your only option. Also, having to find temporary housing is worth it when you consider that you’ll be living in your next home for at least the next 4-6 years.
Rushing into a home purchase is not ideal by any means, so just bite the bullet and find a rental house or do a rent-back option while you search for that perfect property. We help our clients do this all the time and will do everything we can to alleviate the stress of moving.
If there is anything I can do to help you with your move in San Diego, please don’t hesitate to contact me. I’m always here to help.