Selling Your Home To Buy A New HomeBelow are some tried and true methods for success for when you need to sell your current home to buy a new one:
Scope Out The Area. Start looking in areas where you may want to buy your next home before putting your current home on the market. This will help you get to know several areas and help you decide whether or not you would like to actually live there.
Set Realistic Goals. Talk to your Realtor about your goals and see if they're realistic. After all, you may not be able to get what you need from selling your current home to buy your next home, and you need to know that before putting your current home on the market.
Trust Your Realtor. List your home for sale with a realtor you know and trust. Your Realtor can help you sell your home while simultaneously finding a new home. Do not go with the one who offers to list it for the highest price, as this can often keep it sitting longer on the market.
Don't Procrastinate. Do not wait until the last minute to search for your new home. Even before your home is listed for sale, it's a good idea to have your Realtor show you homes in certain areas.
Make A Contingent Offer. Once you find the home you want to buy, discuss making an offer on it with your Realtor. Making an offer contingent upon the sale of your current home is the most common method of doing this, and, while this isn't a popular method to use in a hot market, it is very common in normal and slower markets. (I don't advise bridge loans if you can work out the "contingent on sale of home" contingency, and, if you have a good Realtor, it's usually not a problem to negotiate this clause into the purchase contract. If you are moving up and using the equity in your current residence to do so, you may need a mortgage of some sort to buy the new home with, especially if it's pricier.)