Thinking about downsizing or upsizing in Lake Country? Buying and selling a house simultaneously can be a bit daunting, but with the right approach, it’s entirely doable. Here are five steps to help you navigate the process smoothly.
Consult with a REALTOR®
Start by finding a trustworthy REALTOR® like Heidi Weltzin. She’ll guide you through each step, ensuring you don’t feel pressured to rush any part of the process. Heidi knows the Lake Country market inside out and will provide invaluable information.
Get a Market Valuation of Your Current Home
Heidi will research the current market conditions to give you a realistic estimate of your home’s value. She’ll also provide an idea of the net proceeds you can expect after real estate and closing costs. Knowing how much you’ll have to put toward your next home is crucial.
Get Pre-Approved for a Mortgage
Even if you’re confident about getting pre-approved, sit down with a lender to nail down the details. Understand how much you’re pre-approved for, the required down payment, interest rates, closing costs, and your expected monthly payments. It’s also wise to find out if you can buy your next home without selling your current one first. Being able to qualify for both mortgages and having a down payment ready can give you a competitive edge.
Understand What You Can Afford
Determine what type of home fits your budget. Heidi will send you listings of homes in Lake Country that match your criteria. Assess whether these homes meet your expectations and if your criteria is realistic. With today’s inventory shortage, be prepared to act quickly and make strong offers on homes you like.
Contingent Offer or Contingent Sale?
Low inventory can make finding your next home challenging. One strategy is to make the sale of your current home contingent on finding a new one. This involves setting a timeframe in the purchase agreement for you to find and secure your next home. If you can’t find a home within the timeframe, the agreement can be canceled or extended by mutual consent. While this approach can put you in a better financial position, be aware that in a competitive market, sellers may not accept offers contingent on the sale of your home, even if you already have an offer.
Once you’re comfortable with these steps, you can move forward confidently.
Work with Heidi Weltzin to prepare your home for the market and start looking at new homes. Depending on your situation and the market conditions, Heidi may advise you to wait until you receive an offer on your current home before touring new homes. Together, you will make the perfect plan.
