Handling one home transaction is difficult enough. Juggling two at the same time can feel impossible for some, but it’s possible for anyone who has the right mindset and approach from the beginning. Below, you’ll find some tips and principles that are helpful to consider if you’re thinking about buying and selling Vero Beach real estate at the same time.
Decide if you’ll buy or sell first
You’re hoping to tackle both deals at the same time, but you’ll probably prioritize one transaction over the other at first. There are pros and cons to either option. If you sell your current home before you buy a new one, you won’t have to worry as much about how you’ll fund the purchase of your new home. You also won’t be in a position where you have to make multiple mortgage payments at the same time. The risk is that you don’t find a home you’re interested in immediately after you sell, and you have to come up with alternative living arrangements while in between homes. This won’t be a concern if you buy a new home before you sell your current one. Funding becomes trickier in this situation, and some buyers must consider alternate funding sources (such as a bridge loan
) if they plan to buy before they sell.
Get to know your market
Knowing whether the market is currently a buyer’s or seller’s market will help you determine how to proceed with each transaction. It may also help you decide whether you should focus on buying or selling first. Right now, the market for Vero Beach real estate is somewhat competitive. Home prices are down slightly over the past year, but they haven’t fallen as hard as average prices in other markets across the country have. Between high interest rates and heavy inflation, this is a challenging time for the national housing market.
In Vero, most homes spend around two months on the market and go for a price slightly below the listing. Occasionally a home will receive multiple offers, and a home can go under contract in around a month if it’s under especially high demand. This means that you’ll likely experience less competition as a buyer when you start looking for homes for sale in Vero Beach, but you’ll have to take your marketing and staging efforts seriously as you attempt to sell your current home.
Know what you’re looking for
Before you begin shopping for homes, it’s important to develop a solid understanding of what type of property you’re looking for. Where in town do you want to live? What kind of neighborhood best suits your preferences and your lifestyle? What aspects of a new home are most important to you?
Many home buyers will start their search by looking at available homes online. They will better understand what they want as they look at several homes in their price range. Once you have a good understanding of the type of home you’re hoping to buy, you can communicate your preferences with your real estate agent, and they will keep an eye out for new homes as they come onto the market that fit the description of what you’re looking for.
Price your home competitively
Pricing your home competitively isn’t only about making the most money possible. It’s also a critical marketing tool. How you price your home will have a direct impact on who learns about your home’s availability and whether or not they have an interest in buying your home. One of your first considerations should be your home’s appraised value. Your real estate agent can help you run a Comparative Market Analysis that shows you what your home might be worth based on comparable sales in your area in recent months. Once you have this information, you can begin to think about what your initial listing price might be.
Consider the current state of the market as well as the availability of other homes in your price range. Perhaps your home could appraise for $600,000, but when you look at the market, you notice that there currently aren’t any homes for sale between $600,000 and $625,000. Normally you wouldn’t want to price your home above a round number like $600,000 because you would risk missing out on engaging with buyers who set their online searches to filter out homes priced above $600,000. Instead, you choose to capitalize on a gap in the market where your house could have the opportunity to stand out as the only option available. This situation doesn’t always present itself, but it’s worth keeping an eye out for.
Determine the best time of year to sell
You can make more money for your home sale by strategically choosing when to put your home on the market. In most communities throughout the country, winter is the worst time to sell a home
. In Vero Beach, the winter months are sometimes the most active. You could guess that it’s because the climate in the area is pleasant, and people are more motivated to move to Vero Beach in the winter when it allows them to escape from colder climates elsewhere. Your real estate agent will help you determine the best season to put your home on the market, and they will also help you evaluate the best day of the week and time of day to make your listing public.
Reach out to the Anne & Dan Team to buy and sell at the same time
The Anne & Dan Team
helps clients buy and sell Vero Beach real estate at the same time regularly. They have a deep understanding of what the process requires, and they are committed to helping each client find success regardless of what challenges and obstacles come up along the way. Their clients are their number one concern, and they take pride in prioritizing their clients’ needs above everything else. Reach out to their office if you have more questions about buying and selling a home simultaneously.