Trying to buy a new house while still owning your current one can feel like a juggling act. It’s one of the most common real estate challenges—and also one of the most stressful. But with the right strategy and support, it is possible to successfully sell your home and buy another without losing sleep (or money).
Whether you’re upsizing, downsizing, or relocating, here’s what you need to know to manage both transactions with confidence.
1. Know Your Financial Position
Before you do anything else, talk to a lender. You need to understand whether you’ll qualify for a new mortgage while still owning your current home, or if you’ll need to sell first to free up funds. Some buyers can carry both homes for a short time—others cannot.
Bridge loans, HELOCs, and home sale contingencies are options worth exploring if you need access to equity from your current home to buy the next.
2. Time the Transactions Wisely
In a perfect world, you’d sell your home and buy your next one on the same day. In reality, timing rarely lines up perfectly. Most homeowners either:
- Sell first, then buy (less financial risk but may require temporary housing), or
- Buy first, then sell (more convenience but may involve carrying two mortgages)
Work closely with your real estate agent to develop a plan based on current market conditions, your financial comfort zone, and your ideal moving timeline.
3. Use a Home Sale Contingency
One way to protect yourself is by including a home sale contingency in your purchase offer. This means your new home purchase depends on successfully selling your current home. It gives you a safety net—but in competitive markets, sellers may be less willing to accept this condition.
4. Get Your Current Home Market-Ready
If you plan to sell your home and buy another, your current home needs to shine. Prioritize curb appeal, staging, and pricing it correctly. The faster it sells, the smoother your move will be.
Bonus tip: consider having your home professionally photographed and listed before making offers on your next one.
5. Hire an Experienced Real Estate Agent
Handling one transaction is a lot. Managing two at once? That’s a job for a seasoned pro. Your real estate agent can coordinate timelines, negotiate terms, and help you avoid costly mistakes. They’ll also keep your goals aligned, whether you sell first or buy first.
Final Thoughts
It can be intimidating to sell your home and buy another, but it’s entirely doable with proper planning and expert guidance. A proactive approach can help you avoid double moves, rushed decisions, and financial strain, making your transition from one home to the next as smooth as possible. Call The Cooper Group today at 865-776-8147 or contact us here for expert advice.