Seattle and Bellevue are excellent places to buy and sell property. The area has a thriving economy, with several major corporations and tech companies established here. Plus, many people are drawn to the area because of its high-quality education, cultural attractions, and beautiful natural surroundings.
Whether you’re looking to buy a bigger home to accommodate your family or you’re looking for something smaller and simpler, you’ll likely need to coordinate selling your home while buying a new one. Below, you’ll find tips on how to accomplish both at the same time.
Essential steps to selling your home before buying a new one
Consider selling your current home first to avoid the added pressure of carrying two mortgages. This will provide financial stability and flexibility when searching for your new home.
Planning to sell your home can be overwhelming, but there are ways to streamline the process and maximize your chances of a successful sale. Below, you’ll find some tips to consider.
Research the market
Start by familiarizing yourself with the current real estate market in the greater Seattle area. Look at recent sales prices of similar homes, market trends, and local demand. This will give you an idea of what to expect and help you set a realistic asking price.
Set your goals
Determine your priorities and goals for selling. Are you looking to sell quickly or willing to wait for the best offer? Consider your financial situation and timeline to establish your goals. Then, determine a realistic timeline for selling your home. It generally takes 71 days
to sell a home from listing to the final closing.
Declutter and stage your home
A clutter-free home not only looks more inviting but also allows buyers to envision themselves living there. Start by going room-by-room and removing any unnecessary items, organizing what remains, and creating a sense of spaciousness. Clearing countertops, closets, and storage areas will help showcase your home's potential.
Make necessary repairs and improvements
Making repairs and upgrades before selling your home can significantly increase the value of your home. Fix any obvious issues or damages in your home, such as broken tiles, plumbing issues, or electrical hazards.
Then, consider making cosmetic upgrades to increase your home’s overall appeal. This can include replacing light fixtures, painting the walls, changing the door and cabinet handles, and improving outdoor landscaping.
Gather important documents
Having the right documents is crucial when selling a home. These documents not only serve to protect both the buyer and the seller, but they also ensure a smooth and successful transaction.
Collect all relevant documents, such as property deeds, survey reports, warranties, and utility bills. Buyers may request these during the due diligence period.
Set a competitive price
A competitive price will attract more potential buyers. Start by researching similar homes in your area that have recently sold. Look for properties with similar features, size, location, and condition. This will give you an idea of the current market trends and the range of prices.
Also, consider hiring a professional appraiser who can provide an unbiased assessment of your property's value. An appraiser can help you determine a fair and competitive price.
Market your home
Develop a marketing strategy that includes professional photography, online listings, open houses, and targeted advertising. Doing so ensures that your home gets maximum exposure to potential buyers and makes it stand out from the competition. This can help you sell your home faster while getting excellent offers from potential buyers in the Seattle and Bellevue area.
Review offers with your real estate agent and negotiate the terms and conditions that best align with your goals. Be prepared for counteroffers and consult with your agent to make informed decisions.
Negotiating offers allows you to potentially increase the final sale price of your home. Plus, it gives you the ability to maintain control over the selling process.
Buying a new home while selling your old one
Buying a new home while selling your old one can be a complex process, but by following the tips outlined below, it can be done smoothly.
Start house hunting
Begin searching for your new home while your current one is on the market. Make a list of must-have features and amenities you desire in a home. For example, how many bedrooms do you prefer? What kind of layout and specific features best accommodate your family and lifestyle?
Then, explore different neighborhoods in Bellevue, as well as Seattle neighborhoods such as Belltown and South Lake Union. Consider factors like proximity to schools, transportation, amenities, and future development plans, and make sure they align with your preferences and lifestyle.
Explore financing options
Speak with a mortgage lender to understand your borrowing capacity and explore bridge loans or contingency clauses to bridge the financial gap between buying and selling.
Also, educate yourself about different loan options, such as conventional loans, Federal Housing Administration (FHA) loans, or Veterans Affairs (VA) loans. Each type has its own requirements and benefits, so choose one that suits your needs.
Make an offer with contingencies
Once you find a home you love, make an offer contingent on the successful sale of your old home. This will protect you if your current home takes longer to sell than expected. Also, draft the purchase agreement and include the necessary contingencies that protect you as the buyer. Be clear and specific about the terms and conditions of each contingency.
Coordinate closing dates
Once you receive an acceptable offer on your old home, work closely with your agent to negotiate the terms and finalize the sale of your old home. Then, when buying your new home, coordinate with all parties involved, including your real estate agent, lenders, and attorneys, to ensure the closing dates align with both the sale and purchase transactions.
Find a real estate agent who can help you both buy and sell a home
Now that you know what goes into selling and buying a home at the same time, are you ready to get started? Seattle real estate agent Ryan Rockwell
can help you streamline the process and get into a home that is right for you. Contact Ryan with any questions you have about buying and selling. He would be glad to answer them during a consultation.