Are you in the market to buy a new Bel Air home but have not yet sold the one you currently own? If so, you are in a situation that millions of Americans find themselves in each year: buying and selling a home simultaneously.
Unless the timing is perfect, this can be a stressful position. Not only do you run the risk of being without a home, but you could also face a situation in which you need to make two mortgage payments for an extended period, which is not an ideal situation for many people.
Have no fear, though! By working with an experienced Bel Air real estate agent like Timothy Di Prizito and planning for all possible scenarios, you can get through the simultaneous buying and selling process with a minimum of anxiety. We invite you to get in touch with our team to learn more about how we can guide you through this process. Click to contact us.
Evaluate the market first
The state of the local market can significantly impact your buying and selling processes. For example, if you’re in a buyer’s market (more homes on the market than interested buyers), you may need to price your home lower than you prefer, or list it before you start looking for other houses for sale in Bel Air. However, if a seller’s market exists, you may be able to price a bit higher and might want to secure a new home before you list, as your home is likely to sell quickly.
Like most of the markets in Southern California, the Bel Air real estate market is currently experiencing rising prices and robust sales. If you are selling in the median price range of $2.8 million, you will likely have plenty of interested buyers and may want to find a new home before you list. However, if your home is priced in the upper end of the spectrum, you may appeal to niche buyers who want an ultra-luxury home, and these buyers will likely be a little more challenging to find. We’ll help you evaluate the current market and demand for homes in your price range to help you make a solid decision on when to list.
Determine your goals
Not everyone has the same goals for buying and selling their home in Bel Air. Some may need to sell quickly to relocate for a job or be near family. In these cases, you might care more about the flexibility and speed of a transaction. If you’re not in a rush, you might prefer to wait for the highest offers so you can upgrade to a larger home with more amenities. Before you take the first steps in the buying or selling process, make sure you communicate your goals with your Bel Air real estate team so they can help you make choices that align with your preferences. We often work with clients who are buying and selling simultaneously and can help you learn what to share so we find exactly what you’re looking for.
Understand possible challenges
Although you might be simultaneously considering buying and selling, the two processes rarely happen at the same time. In some cases, you may only experience a few days between buying and selling; in others, you may not be able to sell your first home for weeks or months. Or you may sell your home quickly and be unable to find a home you want to buy for an extended time.
One of the biggest financial hurdles when buying and selling simultaneously is if you buy a new house before you sell your current home. Not only will you have to cover two mortgages and manage two sets of household bills, but you’ll be writing checks for earnest money, a down payment, and closing costs. Planning ahead can help make the financial end of your transaction more seamless.
If your current home sells before you buy one of the houses for sale in Bel Air, your biggest challenge will be finding a place to live while you continue the home search. To reduce the pressure of finding a new house as soon as possible, you may be able to offer your buyer a leaseback agreement, in which they agree to let you rent the home back from them for a short time. You might also consider a short-term rental where you and your family can be comfortable until you find your next home.
We understand that buying and selling a home simultaneously can be complicated. We have helped many clients through this process and have the resources, relationships and local market knowledge to help you make a seamless transition to your next home in Bel Air.
Are you ready to embark on a simultaneous buying and selling journey? Reach out to our team at The Di Prizito Group for expert guidance.
