One of the most common questions and most complicated questions we receive from clients is, “How do I time selling my old home with buying my new one”.  Just a few years ago this was an easy proposition.  Home sellers could tour a few homes and open houses and find their newest dream home.  After said dream home was found, it was simply a matter of putting their old house on the market (with an appropriate price of course), receiving multiple offers, and scheduling a convenient closing date to wrap both transactions up in a nice pretty package.  Those days are over for now.  Tighter mortgage guidelines and fewer buyers in the market have helped to extend the number of days on market in many neighborhoods around the city.  Timing these transactions to ensure that you don’t become homeless or worse get stuck with two mortgages for an extended period of time can be delicate undertaking.  Here are a few tips to try and help you walk-through this decision to come up with a strategy that works best for you and your family.

1.     Find a Realtor to get the low-down before starting your search.  Every home and every market is unique.  You need to find someone to help you determine how long it will take for your home to sell and how prevalent the next home of your dreams is in the market.  In other words, if your home is going to take a long time to sell because it backs up to a bowling alley and if you would like to purchase a home with a pool in a neighborhood that has only one pool, then it might take a little a while to make everything come together.  You need to know how long it is going to take to accomplish your goals, and most of the time only an experience professional with market knowledge is going to be able to give you those answers.

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