Buying and selling a home at the same time isn’t always straightforward. You’ll need to make many decisions along the way, some of which might not be clear-cut.
But just like anything else in life, if you know that you’ve taken the time to consider the potential outcomes of each scenario, then you can be confident that you did your best. When you know that you’ve done everything possible to maximize your chances of success, it’s easier to let the stress melt away.
Use these pro tips to take charge of your well-being when buying and selling in the Park City real estate market.
Determine how others will be involved in the process
If you’re entering the process with a partner, you can avoid a lot of tension, resentment, and conflict by agreeing upon the respective roles you’ll play.
Work together to define the responsibilities that you’ll take on jointly and separately. Taking the time to figure out these things at the outset will decrease the chances that either of you will feel slighted, overruled, or overburdened.
If you have children and/or others living with you, take the time to figure out how they’ll also be involved in the process. Finding ways to involve all parties can make everyone feel more empowered and on board with all decisions.
Work together to define the responsibilities that you’ll take on jointly and separately. Taking the time to figure out these things at the outset will decrease the chances that either of you will feel slighted, overruled, or overburdened.
If you have children and/or others living with you, take the time to figure out how they’ll also be involved in the process. Finding ways to involve all parties can make everyone feel more empowered and on board with all decisions.
Make checklists and follow through
Even if you don’t regularly make lists, you can still benefit from keeping a checklist to help organize your buying and selling journeys.
Before itemizing the list into monthly, weekly, and daily tasks, you should create a master list of everything that needs to be done. Consider the following categories to include on this master list:
Before itemizing the list into monthly, weekly, and daily tasks, you should create a master list of everything that needs to be done. Consider the following categories to include on this master list:
Conversations with specific professionals
The buying and selling process will require you to engage with multiple professionals. You’ll need to get in touch with a realtor, and you might also need to reach out to a loan officer or a bank.
Additionally, you will likely need to get in touch with repair technicians, moving companies, and other businesses. Make sure to allot time in your schedule to contact these individuals or appoint someone else to be your liaison if you’re unavailable in certain situations.
Additionally, you will likely need to get in touch with repair technicians, moving companies, and other businesses. Make sure to allot time in your schedule to contact these individuals or appoint someone else to be your liaison if you’re unavailable in certain situations.
Nailing down your budget
Depending on your financial scenario, you might be able to purchase a new home before your current home has sold, or that might be unattainable.
If you know you don’t have enough to purchase a new home outright, you’ll need to contact a loan officer for guidance. Know that you might receive conditional approval for a mortgage and that approval might rest on the sale of your current home.
If you need a loan to pay for your new home, you might want to hold off on home shopping until after your home has sold. In competitive bidding situations, an offer made with a letter of conditional approval isn’t likely to win. Sellers want to know that they’ll get the full sales price for their home in an efficient and expedited manner, so it might be easier not to waste your time on bids that have reduced chances of acceptance.
If you know you don’t have enough to purchase a new home outright, you’ll need to contact a loan officer for guidance. Know that you might receive conditional approval for a mortgage and that approval might rest on the sale of your current home.
If you need a loan to pay for your new home, you might want to hold off on home shopping until after your home has sold. In competitive bidding situations, an offer made with a letter of conditional approval isn’t likely to win. Sellers want to know that they’ll get the full sales price for their home in an efficient and expedited manner, so it might be easier not to waste your time on bids that have reduced chances of acceptance.
Coordinating the logistics
Various aspects of your buying and selling experience might require you to make adjustments to your professional and/or personal schedules.
You can’t be inside your home during home tours, so you’ll need to figure out a place to go during these times. You’ll also need to figure out how to scout out your new home. While it might be possible to get a good sense of a home from a virtual tour, it’s difficult to truly get a feel for a city, neighborhood, and street without seeing a home in person.
Many people have purchased homes through virtual tours and gone on to be happy with their decisions, but others have had some regret. Carefully consider your comfort level with making any major decisions through virtual means.
Be sure to leave yourself enough time to make your decisions. You should learn more about an area before deciding that a particular spot is best for you.
You can’t be inside your home during home tours, so you’ll need to figure out a place to go during these times. You’ll also need to figure out how to scout out your new home. While it might be possible to get a good sense of a home from a virtual tour, it’s difficult to truly get a feel for a city, neighborhood, and street without seeing a home in person.
Many people have purchased homes through virtual tours and gone on to be happy with their decisions, but others have had some regret. Carefully consider your comfort level with making any major decisions through virtual means.
Be sure to leave yourself enough time to make your decisions. You should learn more about an area before deciding that a particular spot is best for you.
Celebrate your wins
When you’re buying and selling a home at the same time, it’s commonplace to feel as though you’re working multiple side gigs, even when you have as much assistance as possible. You'll be taking on extra work throughout this process, whether intellectual, emotional, or physical labor. Remember to allow yourself to step back and enjoy some leisure time.
Remember why you’re making the decision to buy and sell
It’s easy to get caught up in the minutiae of the day-to-day and forget why you’re actually making your move.
If you are moving, you likely have a good reason to do so. Keep that reason at the forefront, and deploy it as your mission statement.
It might not be possible to satisfy everything on your wish list as you go along. There are no guarantees that you’ll get the entire dollar amount you want for your home (although having a good realtor makes it more likely). There are also no guarantees that you’ll find a new home that meets every criterion on your goals list.
But look at the broader picture of it all, keeping your mission statement at the forefront. You can relax knowing everything will work out, especially if you maintain an organized, thorough approach.
If you are moving, you likely have a good reason to do so. Keep that reason at the forefront, and deploy it as your mission statement.
It might not be possible to satisfy everything on your wish list as you go along. There are no guarantees that you’ll get the entire dollar amount you want for your home (although having a good realtor makes it more likely). There are also no guarantees that you’ll find a new home that meets every criterion on your goals list.
But look at the broader picture of it all, keeping your mission statement at the forefront. You can relax knowing everything will work out, especially if you maintain an organized, thorough approach.
Take the next step
The Stein Eriksen Realty Group is ready to help you with all stages of the buying and selling process. Our experienced team brings their passion and dedication to each step of the real estate transaction.
