Buying and Selling a Home at the Same Time: A Step-by-Step Guide

Buying a new home while selling your current one is a bit like walking a tightrope—you’re balancing two big transactions, each with its own timelines, financial details, and moving parts.

While you can’t control every twist and turn, the right planning and team can make the process much smoother. Here’s a clear, practical guide to help you navigate buying and selling at the same time.

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Step 1: Understand the Market You’re Working In

Before you make any moves, get familiar with the real estate climate in both the market you’re selling in and the one you’re buying in.

• Buyer’s Market – More homes are for sale than buyers in the market. You may have an easier time finding your next home, but selling your current one could take longer.

• Seller’s Market – More buyers are competing for fewer homes. Your home may sell quickly, but finding your next place could take more time.

Knowing the type of market you’re in will help you set realistic timelines and choose the right strategies—such as rent-back agreements in a seller’s market or sale contingencies in a buyer’s market.

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Step 2: Get Your Financial Picture in Focus

Two transactions mean two sets of numbers to manage. Before you list or make an offer:

• Talk to your lender about your borrowing options and pre-qualification amount.

• Review how much equity you have in your current home and how that will factor into your down payment.

• Budget for extra costs such as moving expenses, temporary housing, or storage.

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Step 3: Choose an Experienced Agent

Working with a skilled, local real estate agent can make a significant difference. They can:

• Price your home to sell within your desired timeframe.

• Help you navigate offer strategies that work for your market.

• Coordinate both transactions to reduce stress.

If you’re buying and selling in the same area, using the same agent for both can simplify communication and timing.

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Step 4: Decide Which Comes First—Buying or Selling

There’s no one-size-fits-all answer. The right choice depends on your financial position, your local market, and your comfort level.

If You Buy First:

• Pros: You can move directly into your new home, avoid temporary housing, and take your time selling.

• Cons: You may feel pressured to sell quickly, and your offer could be less competitive if it’s contingent on your current sale.

Possible Strategies:

• Make an offer with a sale contingency.

• Negotiate an extended closing on your purchase.

• Use a home equity line of credit (HELOC), savings, or a bridge loan to fund your down payment.

If You Sell First:

• Pros: You know exactly how much equity you can use for your next purchase, and you can make stronger, non-contingent offers.

• Cons: You may need temporary housing or storage between moves.

Possible Strategies:

• Use a rent-back agreement to stay in your current home after closing.

• Move into a short-term rental while you search for your next home.

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Step 5: Plan for Flexibility

Even the best timelines can shift unexpectedly. Build flexibility into your plans so you can adjust if one transaction moves faster—or slower—than expected.

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Step 6: Keep Your Eye on the Big Picture

The ultimate goal isn’t just to close two deals—it’s to end up in a home that fits your needs and supports your future plans. A little patience, preparation, and guidance can go a long way toward making that happen.

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Bottom line: Buying and selling at the same time can feel complex, but with the right preparation, financing plan, and trusted professionals by your side, you can make the process work in your favor.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.