Maybe or maybe not. Here are the most common scenarios when moving up to a new home.
1st – If you have the additional finances to buy your new home, do a little remodeling while it is vacant, then leisurely move in. Then you can sell your existing home with minimal inconveniences. This is very convenient but requires you to have additional finances on hand
2nd – There are many 3rd parties that will buy your home under contract, and let you borrow the funds necessary to make the 1st scenario possible. Just as convenient but there is a cost to incur.
3rd – Then there is the traditional way and that is to purchase your new home with the condition of selling your current home concurrently. Definitely, the most cost-effective way of doing it and just requires a little more coordinating. However, it might make it harder to compete with other buyers under the current market conditions.
I have been using all three of these methods over the last 24 months. The question is always…which one is best for you?
Although there are many variables to determine which one is the best fit for you. Here is a recent example.
Dan & Lisa. After several months of narrowing down their wants, needs, and budget we determined the development of 212 homes that checked all the boxes. However, on average, only one home was coming for sale every 4-6 months. When a new home did come on the market there were always 4-5 offers (within days) and no matter how well we structured the offer they always came in 2nd.
They finally chose to go with a 3rd party to buy their home (under contract) and provide the upfront finances to purchase their new home. After 3 more months, we found ourselves in the running again for that perfect home in their desired neighborhood. We were able to secure it, close escrow, and casually move in within 2 weeks. Yes, It did wind up costing them an extra few thousand dollars but in the end, they said it was well worth it!
The purpose of their story is to assure you that there is no “one size fits all”. Over 80% of all move-up purchases are still done the traditional way. It makes sense and really what is required is just more juggling, coordinating, and yes- a little more stress. However, it is well worth it!
The most important 1st step is to make sure you have clarity in what you are trying to accomplish. Be in 100% alignment with your spouse, have a coordinated plan, follow some specific actions steps and you can make it happen!
Now, I may make it sound easy but that is also because I have had the honor of serving over 1100 families through this journey.
I even put together a quick signature guide called the “2nd Story Process”. Feel free to download and give it a read – give me your thoughts.
The 2nd Story Process guide
