When you’ve decided it’s time to sell your San Jose State real estate and begin looking for a new, bigger home, it can be both exciting and perhaps a bit harrowing. In a perfect scenario, you would be able to show your home to prospective buyers and be looking at new homes at the same time. Ideally, you’d sell your current home and use the profits for the down payment on your new place and then move in.
Unfortunately, it doesn’t always work that way. There are many moving parts to any real estate transaction, whether it’s selling or buying, so you can imagine that it can get complicated when you’re trying to do both at once
That can be tough in a red-hot market like the one for houses for sale in San Jose, where real estate is expensive and can sell quickly. That could leave you with no time or very little time to find a new home to make a seamless move.
The current median price for San Jose homes is $1.4 million. That’s a jump of 28.9% compared to last year. Two other factors that make it a seller’s market are that homes are selling in an average of just eight days on the market compared to 14 days last year, and the inventory of available homes has tightened. That makes the competition tougher for buyers and can complicate things when you are trying to sell and buy at the same time.
Have a solid game plan
Another great aspect of working with a smart agent is that he or she will come up with a strategy based on your situation. The state of the market could ultimately dictate how things will go, but you could have options. For instance, if you can pay cash for a new home, you could complete that transaction and then list your current home for sale. If you find a home you love and absolutely must have, you could take out another mortgage, or a bridge loan, to buy that home and then put your current house on the market. Another option is to sell your current home and then use the profit to cover the down payment on your new house.
In a seller’s market like the one for homes for sale in San Jose, you might find yourself walking a tightrope. In a traditional balanced market, you could make an offer on a new home contingent on your selling your current home. This could be a challenge in a seller’s market because homes can sell so quickly that their owners don’t have to accept an offer with contingencies to complete a deal. They may not be willing to wait while you sell your home.
There can be other hang-ups or difficulties to work through. Even if you sell your home for top dollar, you’ll still have to compete with other buyers for a limited supply of homes. If you buy a home first and there is any problem with selling your current home, you might be paying two mortgages for several months. Then again, If your current home is in great shape and has that “wow” factor that buyers love, you might have no problem selling it quickly.
If you do sell your current home before you’ve bought another piece of San Jose real estate, you’ll likely have to rent another residence while you shop for a new home. There are instances where a buyer might allow you to rent back your current home while shopping for a new one, but that can be rare in today’s market.
Regardless of the situation, you should be prepared for things to move quickly
. An experienced agent has seen it all and will be able to offer you great advice and insights to get through the dual process. You should also choose an agent who will represent you in both transactions.
Tips for selling
You can begin prepping homes for sale in San Jose as soon as you’ve decided to sell. These steps include cleaning, decluttering, painting, making cosmetic repairs, and staging the furniture to show off the floor plan. Don’t forget to spruce up the front yard and landscaping.
Tips for buying
You can hasten the process of buying homes for sale in San Jose by zeroing in on a preferred neighborhood, square footage and amenities, and a target price range. You can begin your search by perusing online listings
. This is also the time to begin the preapproval process for a new mortgage.
Partner with an agent
The key to buying and selling San Jose real estate simultaneously is to hire a talented real estate agent
who has extensive experience assisting clients in this fast-moving market, which is naturally popular with well-paid tech workers and executives who want a nice home close to the office. Although working from home has affected the real estate market, many people still prefer to live in a vibrant city like San Jose to take advantage of the many attractions and conveniences.
A smart agent will help you sell your current home as quickly as possible for top dollar and get you into another home without delay. It’s not always easy or smooth but rest assured that your agent will have your best interests in mind the entire way. That’s why it’s important to find an agent who is both trustworthy and has great interpersonal communication skills. Your agent will be your advocate from start to finish, offering advice and support all along the way.
When you are interviewing agents, ask them for specifics on how they can help you buy and sell simultaneously. Great agents are plugged into the market and are up to date on pricing trends and home availability. For instance, while juggling open houses and private showings, your agent will know when houses for sale in San Jose are coming onto the market that match your needs.
Ready to simultaneously buy and sell San Jose real estate?
While it can be tricky to buy and sell simultaneously, it can be done with the help of a great San Jose real estate agent. When you’re ready to make a move, let Barnard Group Real Estate
get you the best results!