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Moving up? 3 Strategies For A Successful Sale And New Home Purchase

So you’ve been in your first home for a few years, give or take. Now you have your sights set on your next home. Maybe you need more space, better location, or maybe you got a better job and want to get something more “you”. Great, here are the 3 steps you need to focus on right off the bat.

If we’re being honest, your “real” first step is to go online and look at all the beautiful central Oregon homes that are for sale… So do that, and enjoy that! Learn about your budget and what the market has to offer. Then with understanding, we can move on to our first 3 steps.

1) Know Your Financial Situation

  • Talk to a Realtor – to get an accurate value of your current home. Online valuation tools are a decent place to start, but a Realtor can get you a more accurate range.

  • Talk to a Mortgage Lender – they will help you understand what you can comfortably afford. It would be helpful to have an idea of what you can sell your current home for and an understanding of how much is too much for a monthly mortgage payment.

  • Talk with Your CPA – If you have a CPA or financial planner, it would be a great idea to talk with them as well. Ask them about the financial effects of the sale and purchase. If you don’t have a connection, ask your Realtor for some guidance.

2) Prep Your House: Make Sure Your Existing Home is Ready to Go on the Market

Ask your Realtor the following:

  • What are the key features of my home that will set it apart in the current market and what can I do to improve them?

  • Are there any improvements/repairs that need to be made before listing?

  • Lastly, consider doing a pre-listing inspection. Knowing the condition of your home, and/or making any necessary repairs before a buyer comes around, helps you negotiate with confidence and can save you money in the long run.

3) Go Find Your New Home!

    1. Make sure you have a clear understanding of what your needs are versus your wants

    2. Sit down with your Realtor and have a discussion about your needs v. wants, your budget, and how the process of selling-to-buy should work for your specific situation.

    3. Making a seamless transition from seller to buyer, without having to move multiple times is possible. Discuss the following with your Realtor:

      1. Can I sell my current home, but rent it back for a period of time?

      2. Do I have family or friends nearby that can help with the transition?

      3. Can I get early occupancy in my new home, prior to closing? (less likely, but worth a shot)

These simple steps will help you focus on the right things, ask the right questions, and find the right home for you. Real Estate can be a bit tricky, and adding in a sale along with a purchase can be daunting. However, a little education prior to and having the right people on your “team” will help guide you home!

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