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Buying and Selling a Westchester Home at the Same Time: Tips and Advice

Thursday, September 26, 2024

Buying and Selling a Westchester Home at the Same Time: Tips and Advice

It can be extremely difficult to plan to buy and sell two homes at the same time. We cover the best strategies to make your move in to a success.

How to Navigate Buying and Selling a Home at the Same Time

Buying and selling a home simultaneously is one of the most stressful experiences homeowners can face, but with proper guidance and planning, the process can be managed smoothly. As seasoned real estate professionals in Westchester County, NY, my sister Damaris and I have helped many families navigate this challenging process. Here are some key insights and practical advice to help you if you're in the same situation.

Why Buying and Selling Simultaneously Is Stressful

It's no secret that managing two major transactions at once comes with a lot of emotional stress. You're making significant decisions under tight deadlines, all while dealing with uncertainties. The biggest fear we hear from homeowners is that they’ll either end up owning two homes or, worse, sell their current home without securing a new one. On top of this, you're also dealing with strangers on both ends of the deal—people with their own priorities and timelines, which might not align with yours.

Practical Tips for Managing the Process

Despite the challenges, there are ways to make the process smoother. Here are our top tips for buying and selling a home at the same time.

Understanding Contingencies

Contingencies are conditions that need to be met for your real estate transaction to move forward. If you're buying a home but need to sell your current one first, that’s a contingency. However, the more contingencies you have, the weaker your offer becomes. Sellers tend to favor offers with fewer contingencies because they're considered less risky.

Can You Remove a Contingency?

There are two big contingencies to consider:

a. Buying without selling first: If you can buy your next home without having to sell your current one right away, your offer becomes much more competitive.

b. Selling without needing to buy right away: If you have a temporary place to stay, you can take the pressure off yourself to immediately find your next home after selling your current one.

If you can manage either of these scenarios, it significantly reduces stress. But we understand that for many people, buying and selling at the same time is a financial necessity. In these cases, proper planning is essential.

Make Sure the Home You Want to Buy Exists

Before listing your current home, start looking at available homes in your target market. This helps you get a sense of what’s out there and whether you're comfortable with the options and prices. There’s nothing worse than selling your home only to find out the perfect next home doesn’t exist!

Price Your Home Correctly

Pricing your home right from the start is crucial. Overpricing can waste valuable time, especially when you're working with tight deadlines. And in this competitive market, underpricing is not as risky as you might think—multiple offers can often drive the price up.

Use the Same Real Estate Attorney

If you're buying and selling in the same area, using the same real estate attorney is a smart move. They will have a complete understanding of both transactions and can help things move along more smoothly. If you're moving out of state, like from New York to Florida, ensure that both your attorneys and real estate agents are communicating effectively.

Know How New York Closing Dates Work

In New York, the “on or about” close date in contracts is flexible. It essentially means that the closing can happen up to 30 days after the proposed date. This allows for some breathing room, but it’s important to understand this process fully, as it differs from other states where missing a close date might cancel the contract altogether.

Negotiate for More Time

Don’t be afraid to ask for more time in your contracts. Whether you’re buying or selling, negotiating for a longer closing period can make a huge difference in giving you the time you need to complete both transactions without unnecessary pressure.

Maintain Constant Communication

One of the most important things to do during this process is to keep the lines of communication open. Regular updates to all parties involved—your real estate agents, attorneys, and the other buyers or sellers—can help prevent last-minute surprises and keep everything running smoothly.

Every Situation is Different

While these tips provide a good foundation, every homeowner’s situation is unique. We’ve helped many clients buy and sell simultaneously, and no two transactions are exactly alike. If you find yourself confused or overwhelmed, don’t hesitate to reach out to us. We’re here to answer your questions and guide you through this process.

Buying and selling a home at the same time may be challenging, but with the right approach and expert support, you can minimize the stress and make it a smooth transition.