It was all so simple when you bought your first home. Without a place to sell, financing and timing was all so straightforward. Now it’s your second, third or more move and the housing market has really changed so things can seem so complex.
This time around, expert guidance from a realtor and a financing professional are key. Have no fear! People do it all the time and there are solutions – sometimes creative ones – that can make this move as smooth as the first. The keys to your success?
- Understand the market dynamics around both buying and selling – how long will it take to move your home and find a new one? What is happening specifically in your neighbourhood?
- Know what your current home is worth
- Speak with your mortgage professional early in the process to understand your options. Can you afford to carry two homes? Are there creative ways to finance a second home before yours sells? Is selling first absolutely imperative?
- Listen to the advice of a trusted and experienced real estate expert
- Know your own limits – will carrying two homes stress you out more than the uncertainty of finding something you love once you sell?
The reality is that people do this all the time and in most cases, everything works out just the way you want it to. We guide buyers through this journey all the time and as the market changes, so does the best approach. But rest assured that if you want it to happen, it will!