Navigating the real estate market can be a complex undertaking. This is especially true if you’re trying to figure out how to take advantage of favorable seller conditions while making sure you get a good deal on a new housing investment at the same time. Buying and selling a home simultaneously has its challenges, but with the proper planning, you can be successful in both transactions.

According to top Realtor® Justyna Johnson – Edina Realty, the key to achieving your real estate goals is to set yourself up with a plan A and plan B to ensure you’ve accounted for whatever complications may arise. Having helped numerous residents in Woodbury, MN, and its surrounding areas smoothly transition from home seller to homebuyer, she provides some insight below on how to close a sale and purchase concurrently.

How to Properly Plan for Buying & Selling a Home at the Same Time 

Plan A 

You want to aim to accomplish your objectives for buying and selling a home with plan A. The first step should be hiring a skilled real estate agent who can effectively represent you as both a seller and buyer. It’s important that they are familiar with your local marketplace and understand how to help you capitalize on receiving multiple offers while also supporting your role as a competitive buyer.

Once you’ve selected an agent, the next part of your plan should involve getting preapproved for a mortgage loan. This will allow you to know what price range to look in when you start house hunting. In a seller’s market, you have the ability to request a slower closing timeline, which can work to your advantage if you’re waiting for a home purchase to close.                                        

Plan B 

In the event you receive and accept an offer to sell before you’re set up to finalize a purchase, it’s time to move on to your backup plan. Plan B involves making sure you have transitional housing arranged for the interim between selling and buying a home. This will relieve the pressure of trying to find a property before you have to transfer ownership of your current home and move out. Feeling rushed can result in a poor investment decision. A temporary housing plan will prevent this from happening and give you the chance to continue looking for the perfect property to meet your long-term needs. 

As long as you take the right approach, buying and selling a home at the same time can turn out to benefit your financial situation. Justyna Johnson – Edina Realty is experienced in handling the timelines and requirements of this particular type of real estate transaction. Having her guide you through the process will put you in a better position to receive top dollar for your listing and secure the best deal possible on a new home. If you are interested in putting your property on the market, call or text (651) 501-2345 to request a free and accurate TRUSTimate report with no obligation to take further action. You can also visit her website to learn more.