Buying a home can be a stressful process. Throw in having to time it right with selling your current property and the stress level rises. Should you put an offer on a home before you’ve sold your current property? You don’t want to juggle two mortgages if your current property doesn’t sell as quickly as you’d like, but if you wait to sell your property first and you haven’t secured your new home, where will you go?

Stress level: through the roof. Here we’ll help you break down your options and weigh your pros and cons. Just know you’re not alone in this common conundrum, and we can help you make it work.

See where you stand

Right off the bat, get a comparative market analysis of your home so you have a clear picture of what to expect. Think worst-case scenario here and know what you’ll do if you have to take an offer that’s less than you hoped for.

To qualify for your new mortgage, your income will have to be high enough so that you don’t push your debt-to-income (DTI) level over the edge. If the second mortgage makes this ratio too high (and you don’t have a contingency stipulation in there), you won’t get approved for your loan.

You’ll also want to get a pre-approval. This can make you a more competitive buyer from the start, as well as solidify the price range of your home search.

If you go the ‘sell it first’ route…

You’ll know exactly how much you’re working with when you set out to find your new home and you won’t have to deal with paying two mortgages. If you need the money from the sale of your old home to buy your new home, or you know you can’t afford two mortgages for any length of time, this could be the way to go.

But what if you have to be out of your old home before you find a new one? Ask yourself this: would you consider renting and possibly putting some of your things in storage? This would allow you to take your time while you search for your perfect home. You’ll just want to factor in the cost of moving twice, and any extra storage fees.

If you don’t see yourself renting, there is the option to consider a contingency offer—meaning your offer is dependent on the sale of your home. It sounds ideal, but oftentimes another buyer swoops in with no contingency clause and boom—the sale is theirs. This can be so frustrating because by the time you put an offer on a home, it’s likely you’ve already fallen in love with it, not to mention you’ve already invested time and money into inspections and appraisal fees that won’t be refunded.

If you go the ‘buy it now’ route…

You have a couple of options. The first is to sell your home quickly. You’ll want to price it aggressively and leave your emotions at the door. Don’t let your hopes of what you thought you might sell it for when you bought it, or its emotional value, cloud your judgement.

This comes into play with your agent’s staging advice as well. Even though you can’t imagine why anyone wouldn’t be immediately charmed by your eclectic taste, try to listen to their suggestions. It’s hard—this is where you built your life’s memories, but the buyer won’t care. Your agent’s advice isn’t coming from personal taste, it’s coming from research.

The second option is to rent your old home once you move into your new home. You can use the money to cover the mortgage, any homeowner association fees and real estate taxes. This can be a great choice if you have to relocate fast and you’re not sure how long your home will take to sell.

Taking advantage of a sale contingency

A sale contingency is a contract term stipulating that, as the buyer, you need to sell your home first before you can close on your new home. No sale, no agreement.

Even better, with those added funds from the home sale, you can afford to spend more on a new house. And that means you could have more flexibility to outbid other buyers when you find your dream home.

There is a catch, though—sale contingencies aren’t all that common. A May 2020 National Association of Realtors report found that sale contingencies only accounted for 6% of all contract settlements. As such, you could find yourself at a competitive disadvantage compared with offers that don’t include any extra contingencies.

It’s always a good idea to consult a real estate agent before deciding on using a sale contingency. Sale contingencies are ideally suited for a buyer’s market where you hold more negotiating power over the seller.

The mortgage-juggle struggle is real

There are pros and cons to both sides, so all you can do is consider which pros outweigh which cons for you and your family. Having a plan in place can make a world of difference. You can get started by talking to one of our loan experts. Time and again they find solutions for their clients with our smooth, transparent loan process. Start uncovering your most harmonious home-selling and buying options today.

Can you believe it’s already October? 🍁🍂🎃  Let’s get together for a Pumpkin Spice Latte and discuss the Autumn market! Give me a call today!

• Less competition – Spring and summer are the peak seasons for real estate. In the fall, there are fewer buyers and sellers, which means less competition for sellers and more negotiating power for buyers.
• Better prices – Sellers may be more willing to negotiate on price in the fall in order to sell their home before the winter. Buyers may also be able to negotiate better prices on mortgage rates and other closing costs in the fall.
• More time to close – Because there are fewer transactions happening in the fall, real estate professionals such as lenders, title companies, and inspectors have more time to devote to each transaction. This means that buyers and sellers are more likely to be able to close on time.
• Beautiful weather – Fall is a beautiful time of year with mild weather and colorful leaves. This can make it a more enjoyable experience to show and view homes.

✨ Elevate Your Space with Elegance✨ Incase you haven’t heard – chandeliers aren’t just for grand ballrooms! Incorporating a stunning chandelier into your interior design can instantly transform your home into a chic sanctuary. Whether it’s a modern crystal masterpiece or a vintage gem, let your lighting fixture light up your home with style and personality.

Have you been dreaming of selling your home, buying a new one and moving in before the holidays? This scenario is actually fairly common and totally doable. A knowledgeable agent can guide you through the process, negotiate the best terms and get you into a new home – all in time to celebrate with family […]

Have you been dreaming of selling your home, buying a new one and moving in before the holidays? This scenario is actually fairly common and totally doable. A knowledgeable agent can guide you through the process, negotiate the best terms and get you into a new home – all in time to celebrate with family and friends. Here’s how you can get started.

Understand the Market

Although spring and summer are considered peak buying and selling season, you can still snag a great deal during fall and winter months – if you have a good handle on your local market. Your agent is an invaluable resource for information on current inventory, comparable properties, average home prices and median days on the market. Once you know where you stand, you can weigh the options and make smart decisions.

Prepare Your Home for Listing

Now is the time to do a careful review of your property and determine if any repairs or upgrades are needed. Your agent can provide a list of trusted vendors, tradespeople and contractors to take care of larger tasks while staging your house for broad buyer appeal, arranging professional photography and marketing your home for maximum exposure.

Get Ready to Move

To further prepare your home for the market, you want to start decluttering and depersonalizing by boxing up items for donation or storage. You can make this process manageable by targeting one room at a time. Before you know it, you’ll be one step closer to the big move.

Evaluate Your Finances

Taking a realistic look at your financial situation is crucial to determining the size and location of the home you want to purchase and if you need to sell your current home before buying. Your agent can connect you with a reputable lender who will walk you through the available loan options. Having a good understanding of your finances will also ease any stress you may be feeling.

Find Your New Home

To help narrow down the search, create a wish list, prioritize your “must-haves” and check out homes for sale on coldwellbanker.com or in person with your agent. While viewing properties, imagine living there. Is the dining space large enough for Thanksgiving dinner? Do you have somewhere to hang your stockings? How will your holiday lights look to neighbors passing by? If you feel that emotional connection, you know you’ve found the one.

So, is it possible to buy and sell before the holidays? The answer is yes. By working closely with me as your real estate professional, we can set a timeline, plan out your strategy and ring in the new year in your new home.

You may not know it, but there are proper methods to watering your plants that involve more than just pouring water on top. Plant size, soil type, weather, sun exposure and time of year all factor into how much water is needed. Timing and frequency are also important, according to the U.S. Environmental Protection Agency. So how do you effectively manage your dampening strategy? Consider:

• Watering in the Morning – Water can penetrate the soil where the plant’s roots can reach, absorbing and drying in the cooler hours of the day. Watering during other times of the day could cause you to boil the roots, sunburn the leaves or grow mold spores and rot.
• Increasing Drainage – Excessive moisture around the root zone can lead to stagnant water and root rot, according to Deep Green Permaculture. To prevent this add a coarser material to the bottom of the pot to vary the potting medium and water retention.
• Soaking Deeply – Dampen the soil at least eight inches below the surface so the roots are encouraged to grow deeper and are not sitting too close to the surface.
• Optimizing Your Soil – Clearing out rocks and debris, loosening the soil and adding organic matter can affect how your plants absorb water. Adjust your planting strategy based on the soil type and how you apply compost.

Since there are so many different aspects of an effective watering system, there are also many opportunities for blunders. Here are a few common missteps to avoid:

 Watering Too Frequently – Adding too much could kill your plants because it drowns them and cuts off the oxygen. Each plant is different, but you could look out for yellow, wilted or dropped leaves, brown spots, mushy stems and molding soil to understand if your plant is being over watered.

• Using a Sprinkler – Plants absorb most of their water through the soil, and sprinklers tend to moisten the top foliage.
• Relying on Rain – There isn’t always enough rainfall for plants to thrive, so don’t count on it to keep them alive. You should test your soil for the amounts of water and adjust your watering methods as your plants need it.

There are also regional variations and differing needs of specific plants, so check with your local gardening center for more information. Paying attention to your plant’s moisture and developing a watering strategy will have your garden flourishing in a wonderful world of green in no time.

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