Great Tips For This Juggling Act
So you’re in the market to buy a house – and of course, that means you’ll need to sell your house, as well. You might be wondering how to buy and sell a house at the same time, in this scenario. You know it has to be done, but just the thought of this prospect is overwhelming. Where should you start?
If you’re facing this kind of dilemma, we will attempt to help you out with some great tips in this post. Obviously, you will do one or the other first, but which one is best? Either way you choose, you’ll be immersed in the real estate market for quite some time, more than likely.
In Nevada, the average time it takes to sell a house is 90 days, from listing to closing. And when you’re buying, once you find a house you want and decide to make an offer on it, and it’s accepted, it then takes about 30-45 days to close. If you sell your house first, then you may have to stay with a relative or friend, or even in a hotel indefinitely, until you find one, plus you’ll be rushing to get out.
You’ll have to payment for storage of your things as well. If you buy a house first, what if yours takes a while to sell, how will you afford two house payments? Can you even qualify for a 2nd mortgage? You may want to speak to a lender to see if you can get pre-approved first, and to let them know what you’re doing.
Really, it’s all about preparation for this fantastic juggling act – it actually is possible to do them both at the same time – with the right preparation.
What To Do First?
The first thing you should do is start researching the housing market. Also, get a pre-inspection done on your home. Yes, it’ll cost you a few hundred bucks, but it’s going to save you a lot of time and effort in the long run. This will accurately identify any potential problems or repairs that are going to be necessary for the final inspection, and save you from spending more money than you have to.
This may take some time, since you’ll likely need to find a good contractor to do the work for you, once you’ve identified any issues. Spend this time evaluating the local market, and you can also start looking for a stellar real estate agent. The person you choose is of key importance, in order to help your transition run as smoothly as possible. The same person can double for you, representing you as both a seller as well as a buyer – so choose wisely.
A good real estate agent can truly make all the difference. So far, we’ve got:
- Evaluate the local real estate market (What are similar houses going for in your neighborhood? What’s the average selling price? Is it a buyer or a seller’s market? How long is the average house on the market? ETC.).
- Get a pre-inspection of your home done
- Find a good contractor who can start right away once any issues have been identified.
- Start looking for a top-notch real estate agent. Be sure to speak with several different ones to find the perfect match for you.
Now that you have a starting point, you can perform some other tasks before you start the actual process.
More Tips For Preparation
Moving forward, there are a couple of other things you can do before starting this grueling job that will make your life a little easier. No way around the fact that it’s going to be stressful, and undoubtedly you’re going to want to pull your hair out more than once before it’s over with. Therefore it is a wise decision to do everything you can to make things easier, which means plenty of prep work ahead.
You are certainly already aware of a thousand things to do that are running around aimlessly in your head and driving you crazy. The key to being ultimately successful here is to stay organized and stay focused on one task at a time. Write things down, make lists, and then organize your tasks into a master list. When it comes to your current home preparation, organize your to-do list by room, and then by indoor and outdoor tasks.
Remember to give or throw away as much as you possibly can, as the biggest and best advice when getting your home ready to show is to declutter it and organize what’s left. Less is more, as the saying goes. If you find any spare moments, when you begin to see your current home shaping up and getting close to being ready, start looking for your new one. And remember, your real estate agent is there to help you through all of this, as well.
This person can also give you great advice on tips for selling your house, since they know what’s currently popular and selling.
In Conclusion
In conclusion, keep in mind that you have another option to consider if your home ends up taking longer to sell than you can afford to wait, especially if you end up finding one you just love first. Sellyourhousefastlv is a well respected and trusted cash home buyer that can get your house closed in no time, typically in under 2 weeks. They will schedule a visit to your property when it’s convenient for you, and at that time you will be given a cash offer to consider, with no further obligation or charge to you.
They do not charge any hidden fees or commissions for this entire service, and in fact pay all fees associated with the sale of your house themselves! There is no inspection to worry about, and no repairs are necessary. It is actually a very easy and effective alternative to an already stressful situation.
Something to consider, certainly. So hopefully this has helped you with how to buy and sell a house at the same time. Good luck and happy house hunting!
Check out Sell Your House Fast LV.
Closing Costs
They say it’s a seller’s market in Las Vegas and Nevada in particular, right now, due to the comparison of high demand and low supply. Even so, with the sale comes the closing costs, and at the closing table is where the majority of last-minute deals are made. Unfortunately for you, that’s often where the seller agrees to pay for things they did not originally plan on, in order to get the deal closed. Regardless, it’s going to cost you on average another 2-5% of the sale price for the closing costs. If we use our same example of a $200,000 house sale, that would be $4,000 minimum and $10,000 on the high end.
Paying Off Your Mortgage
Of course, you have to remember that whatever you owe on your house has to be deducted, as well. In the vast majority of cases, the house appreciates in value over time, so as long as you’ve got a decent amount of equity in your house, you should definitely be making some money on the deal. Be sure to ask your mortgage payoff amount, as the lender will prorate it and calculate interest accordingly, which will make it less than you anticipate. In any case, be sure to include the remainder of your loan mortgage balance, as you will have to pay off the mortgage first anyway.
Home Staging Or Open House Showings
Home staging is the latest ‘thing’ in home sales marketing, and its extremely high staging costs are being justified by the so-called dramatic increase in the sales price amounts for these homes. It’s really just a terrific interior designer with really terrific furnishings who comes in and “sets the stage” for your house showings. For a smaller 2-3 bedroom home, stagers charge around $1500 – usually per day. This cost can easily reach up to around $10,000 if you’re not careful, but apparently it’s worth the cost in the end. In any case, open house showings can cost you a couple hundred bucks on your own, as well.
Moving And Other Costs
You probably thought we forgot about the rest of the costs, like transfer tax and escrow fees, so here’s a quick list of things the seller is responsible for:
- Property or deed transfer taxes
- Property taxes must be paid in full (will be prorated)
- Recording fees
- Any outstanding liens or judgments against the property
- Repairs required following a home inspection
- Title insurance
- Escrow fees
Plus, we can’t forget to factor in the moving costs, as there’s no way around them! No matter how we do it, there’s a price tag. Figuring that number out is very important, so try to be as realistic as possible when estimating.
In Conclusion
I think we’ve covered the topic quite nicely, and always remember: if you need to consider getting a free, no obligation cash offer from Sell Your House Fast LV, a firm with experienced, trusted, respected cash home buyers who care, they are more than happy to help you. The costs associated with the sale of a house would be significantly decreased. There are no inspections or commissions or fees of any kind! Get your cash typically within a couple of weeks, and sometimes even faster. Call or submit the short form on their website home page, and someone will be in touch right away.
