What is the best test to decide which way to pursue buying a home in MA and selling a home in MA at the same time is the following: it is the 2:00 am test. You have been sleeping, you wake up at 2:00 am and think (a) Oh my, I bought a house and I have not sold this one…I could be stuck with two mortgages until I can get this property sold or, (b) Oh my, I sold this house and I have nowhere to live once it closes, I might need to rent and move twice. Good stuff. What you need to decide is which is more palatable for you.
Unfortunately, in order to succeed with buying a home and selling a home at the same time, you must, at some point, “step into the void” to get from one property to another. Buying before selling entails the possibility of owning two properties at the same time- something many folks cannot afford as their banks are only to happy to tell them. The upside of buying a home before selling your current home is that you potentially have more control over the transaction of selling. You cannot control the inventory of homes to choose from as a buyer, but you can lower the price on your home for sale, in order to meet the market and speed up the sale process.
Selling a home before buying may mean that you don’t find your new home in the time allotted in your contract and you might have to rent for the short term, moving twice to get to your new home. The upside is that you have your money in the bank from your sale, and you know exactly what you have to spend on a new home – with plenty of time to find it.
Either way it seems a daunting process, however, be comforted by the knowledge that most people manage to move through the buying and selling process without either of these extremes - owning two mortgages, or moving and renting - taking place. It could be kismet or extreme motivation but it almost always works out so fear not, grab a great agent to guide you through and begin the process of buying a home in MA and selling a home in MA at the same time.
For more info on buying a home download Avenue 3 Real Estate's Buyer's Guide for all the info you'll need to manage the buying process:
And if you're selling a home, you'll find what you need to proceed with confidence right here: