Are you in the process of buying and selling a home simultaneously? If so, you're definitely not alone! While this can be a challenging process, it's definitely doable with the right team by your side. We compiled some tips that will help you overcome the challenges of buying and selling your home at the same time.
Start the process early so you have more time to find the perfect home for your needs and ample time to prepare your current home for sale.
1. Pack items you don’t immediately need
You don't want to be lugging around a bunch of boxes when you're trying to show your home to potential buyers. Start packing up what you won't need until you're settled in your new home; if you’re moving in the spring or summer, this could mean holiday decorations or heavy winter clothes. Packing strategically can help you later focus on selling your current home and finding your dream home.
2. Expect timing issues
One of the biggest challenges of buying and selling a home at the same time is timing. You may find your perfect new home before you've sold your current one. Or you may sell your current home before you find your new one. Whatever the case may be, it's important to expect that there may be some timing issues involved.
If you sell your current home before closing on your new property, it may be possible for you to rent back your old home from the new owners for a short period of time. This will give you some extra time to find your new home without having to worry about where you'll live in the meantime.
If you close on your new property before your current home sells, you will need to be prepared to cover expenses for both properties until your current property sells.
3. Note your property's key features
When you're selling your home, it's important to highlight its key features. What are the things that you love most about your home? What do you think makes it stand out from other homes on the market? Make a list of these key features and be sure to mention them when you're marketing your property.
4. List the requirements for your new property
Start by thinking about what your current property lacks in supporting your lifestyle. Do you need more space? A different layout? More storage? If you’re planning to raise a family, you might want a larger backyard or extra bedrooms. If you’re retired and want to downsize, consider a home with a smaller layout and yard to ensure ease of maintenance. Once you know what you're looking for in a new property, it will be easier to start your search.
5. Learn about the local market
When buying and selling, it is important to understand the local market trends that affect Miramar Beach homes for sale. The median listing price is on a downward trend from June 2022's peak of $830,408; prices are now around $745,900. This is still far higher than the two-year low of $460,000 in January 2021.
The median listing price climbed steadily from February through April 2021, reaching a peak of $725,000, before dropping to $657,450. The two-year peak was seen in July 2021 at $924,000, though the price has risen and dropped several times since then. As a buyer, the downward trend in median listing price may give you some negotiating power; as a seller, be aware that your home may not sell for as much as it would have a few months ago.
The number of homes for sale rose sharply from February through August 2022, climbing from 106 to 541. It dropped to 425 in September. Buyers will still have plenty of homes to tour and sellers will have less competition. Since January 2022, homes have stayed on the market for a median number of 100 days
6. Hire professionals to help prepare your home for sale
When you're buying and selling a home simultaneously, it's important to work with a team of experts to get your home in tip-top shape:
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Hire a cleaning service to deep clean your home from top to bottom. You'll want a team who’s familiar with preparing homes for sale so they can give attention to in-depth details.
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Find a home inspector to conduct a thorough inspection of your home. This will give you an idea of any necessary repairs or maintenance that should be completed before listing your Miramar Beach real estate.
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Once you have a list of necessary repairs, it's time to start making them. If possible, try to complete as many as you can with the help of a qualified contractor.
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Get assistance from a professional organizer to help you declutter and pack away your non-essentials.
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Hire a painter to give the home’s exterior a fresh coat of paint if it hasn't been updated in several years. Also consider painting any colorful interior walls a more neutral shade.
7. Set the stage
Once your home is in tip-top shape, it's time to start setting the stage. You should have already removed personal items like family photos and sentimental items. You'll also want to rearrange or remove furniture to make your Miramar Beach home more appealing to buyers.
If you need help with any of these tasks, consult with your real estate agent for a list of recommended professional staging services. In general, hiring a professional staging company is worth the investment, as they will help you achieve a higher sale price.
8. Find the right real estate agent to represent you
You want a real estate agent with experience on both sides of the table and who can represent your interests as both a buyer and a seller. Miramar Beach is a unique market, and you need an agent on the Justin Myers team who knows the Miramar Beach market inside and out.
Buying and selling a Miramar Beach home simultaneously can feel overwhelming, but an expert realtor can reduce that stress. Contact Justin Myers today to get started.
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