Buying or selling a home is a big adventure and it’s common for people to find themselves in a position of taking on both buying and selling at the same time. You want to sell your home so you can buy the home you’ve been dreaming of. That’s why you need the best Fort Collins realtor to make sure you can do it all without losing your mind in the process. Luckily you’ve found June’s Team, your top-rated and award-winning Northern Colorado realtor. At June’s Team, we know how to successfully juggle the home sale and purchase simultaneously.
We do our best to anticipate the needs of our clients to better help them navigate the ever-changing climate of the housing market. Two of our greatest values at June’s Team are to serve instead of sell and to never stop growing and striving to be the best. These are what set us apart from other realtors and truly create a positive change in real estate.
Here are some tips from your top Fort Collins Realtor to help you navigate buying and selling at the same time:
Evaluate Your Local Market
For most buyers and sellers, selling their current home before putting an offer on another property is their best real estate option. But for others, it really depends on the local real estate market. If you’re thinking of selling and buying at the same time, research the market in your target area. This can help you gauge whether it’s a buyer or seller market. If many properties are available, it might be a good time to list. If inventory is low, you may need to wait until the market picks up again.
The general rule of thumb is to sell first in a buyer’s market and buy first in a seller’s market, but this isn’t always the case since every experience is unique. You can really get an understanding of what might work best for you by talking to your trusted real estate agent like June’s Team where we know the market and will be able to provide insight into current trends.
Understand Your Finances
When it comes to buying or selling a house, finances are a huge part of both transactions. Whether you are looking to sell or looking to buy, knowing your current financial situation is vital to your next steps.
If you have a mortgage loan, you will absolutely want to know how much equity you have in your home. The equity that has built up could be enough for a down payment on another home. It’s important to remember, though, that any equity is only accessible after closing unless you use a home equity line of credit (HELOC) or a second mortgage to cash out.
If you currently own, consider having an inspection done to understand what repairs or work may need to be done to the property to help you understand how much you may need to deduct from the possible sale price or any concessions you may need to make for a future buyer.
Utilize A Contingency
Ideally, you would sell your home on the same day as buying a new one. Since this is not the case for most buyers/sellers, adding a contingency to the contract can be helpful. In a real estate transaction, a contingency refers to a provision for a possible event or circumstance when it comes to the financial ability to close a purchase sale.
If you want to buy before selling, make an offer contingent on the sale of your home, which means you will buy the new home once your current residence sells. You can also request an extended closing (if you are certain your home will sell), which extends your closing past the typical standard of 30-45 days.
If you want to sell before buying, you can make an offer with a settlement contingency. This contingency works when you have an offer on your home, and you want to buy another which means you will buy the home contingent on the sale of your existing home.
If you happen to sell and haven’t made an offer on another home, you may be able to negotiate a rent-back, which means you go through with the sale of your home, but you rent the home back from the new owners for a specific time (anywhere from 60-90 days), giving you time to find a new home or make other living arrangements.
In low inventory markets, sellers are reluctant to accept contingencies because there are more buyers than properties for sale. Competing in this kind of market, some buyers resist adding a contingency on the sale of a home.
Buying and selling are big events – if you are unsure of where to start or if you should do both at the same time, it is best to ask for help.
Ensure your finances are up-to-date and have a reasonable idea of what you can get for your home. If you must search for another home while selling, have a backup plan if you can’t find another home in time. Your Fort Collins realtor can provide insight into the market and what other buyers and sellers have encountered.
June’s Team is the Best Fort Collins Realtor serving all of Northern Colorado
At June’s Team, we are a premier residential real estate sales group serving Northern Colorado. With experience in the fast-growing and dynamic marketplace of not only Fort Collins but all of Northern Colorado, we provide excellent customer service from your first point of contact. We pride ourselves in serving our clients well and creating strong relationships so we remain their realtor for life. With us, you aren’t just another transaction, you become a part of the family. We are proud to have clients return to us because of the positive experiences they had with me and my team. You should expect nothing less than the best with your Fort Collins realtor.
Read some of our 5-star reviews from our happy clients
“If you need a realtor in the Greeley area I highly recommend June’s Team! June and her team are absolutely wonderful to work with and will find your dream home and sell your old house with ease and get the most value for your home!” -Audra
“June moved hell and high water to get us into our dream home. With equity the day of closing!!! We can’t thank you enough. We spent so much time together at this point, we are almost like family. Thank you, June and your team.” -Kevin
“June has been a professional, kind, resourceful agent helping my spouse and I sell our home and getting us into a home and city we love! She listens and understands our wants and needs while so very helpful with all of the hurdles involved with home selling and buying. Her team has got you covered as well!” -Robbie
June Lemmings and June’s Team are your Trusted Fort Collins Realtor
June’s Team at Keller Williams is well-established in the Northern Colorado community and serves clients in Greeley, Fort Collins, Loveland, Windsor, Eaton, and surrounding cities. We are the forerunners in Northern Colorado real estate and always have our client’s best interests at heart. Serving the residents of Northern Colorado is an honor and our love for the community is continuously growing. Two of our greatest values at June’s Team are to serve instead of sell and to never stop growing and striving to be the best. These are what set us apart from other realtors and truly create a positive change in real estate. Contact us today to get started or give June a call on her cell phone at 970-388-3692, or the office at 970-573-5791.