Buying & Selling Your Home at the Same Time

Buying & Selling Your Home at the Same Time

  • Holly Danna
  • 08/23/22

With the complexities of the current-day real estate market, it might feel nearly impossible to buy a new home and sell your current residence simultaneously. This is a challenging undertaking, because you’ll have to coordinate showings of your current residence along with scheduling tours of new homes and handling the negotiation process on both sides.
Overall, the process of taking on both the seller and buyer roles simultaneously is stressful and tedious. Thankfully, you don’t need to go it alone. Holly Danna and her team are there to guide you as you navigate this important moment in your life. Through strategic planning and marketing, they will help you manage and maneuver through every aspect of your real estate journey to make it as seamless as possible.
Read on for expert realtor Holly Danna’s guide on how to sell your home and buy a new one simultaneously in a competitive seller’s market in the Los Angeles area.

Assemble your real estate team

Having a strong, well-connected real estate team can help you with selling and buying a home at the same time. If you plan to upgrade to a more spacious home in the same city, consider working with realtor Holly Danna. She has vast experience buying and selling in the luxury market. She all knows the ins and outs of the most glorious and glamorous neighborhoods in the South Bay of Los Angeles, from Manhattan Beach and Palos Verdes to Redondo Beach real estate.
If you aren’t moving far within the same geographic location, you may be able to work with the same realtor for both real estate transactions. This can be advantageous because your realtor will already know you and your situation well. For example, your realtor is familiar with which amenities you love from listing your current home, so they can help you find those same amenities in your new luxury property. However, if you plan to move a far distance or out of state, you should hire a different real estate agent to help you find your new luxury home. Still, through an extensive network of connections, your current realtor can likely refer you to another realtor experienced in buying luxury real estate in that area.

Understand the local and national real estate market

Before you begin taking on the roles of both buyer and seller, you need to research the current high-end real estate market. Since you will be approaching the market as both a consumer and a seller, you must conduct a real estate market analysis. From the positions of both roles, investigate and learn how local luxury real estate homes have been priced, how long the selling and buying processes take on average, and whether any real estate transactions that have occurred recently happened through word of mouth or by other marketing tactics.
If this sounds complicated, you are right. Thankfully, you’re still not alone! Look to your real estate agent for guidance in deciding how to price your home, the timeline for listing, and how to make competitive offers on a new home you’ve fallen in love with.

Start searching for your new home

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The first thing that you need to do after researching the market is to begin your home search. Since the Los Angeles real estate scene is typically competitive, the earlier you can start your home search, the better.
Start researching potential new locations that you wish to live in, whether it’s Palos Verdes luxury homes or waterfront properties in Manhattan Beach. Your real estate agent can be a fantastic resource in that they can connect you with resources in the area and point you to available luxury homes that will fit your specifications.
Research the surrounding neighborhoods, schools, and amenities when searching for your new home. Furthermore, look and see how close you are to work, school, shopping, dining, and other attractions. If you can, travel out to the area, take a walk around the community, talk to your potential neighbors, and get a feel for what it would be like to live there.

Prepare and list your luxury home on the market

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Once you research the area you would like to move to, you must also begin preparing your current home for listing on the market. Start by decluttering, cleaning, and staging your home to look its very best. Repaint the front door, clean the driveway, brighten up the windows, and add some landscaping elements to add to the curb appeal and draw in buyers. Your home needs to stand out in person and online, so hire a professional photographer to take high-quality photos and videos to tell a compelling story about your home.
You may also want to conduct a pre-listing inspection to make sure you get ahead of any significant repair needs before your home begins getting tours. Hire a professional home inspector to assess the condition of your home and determine whether any repairs need to be completed.

Start negotiating with potential buyers

You will most likely get several offers on your home. Evaluate each offer, and discuss with your agent whether you want to reject, approve, or counteroffer. In your counteroffer, you may be able to include a contingency enabling you to find a new home before the buyers take residence in your current home. This will likely include a lease-back or rent-back agreement, where you and the buyer agree that you will rent your existing home from the buyer (who now owns it) while you search for a new property. The contingency will give you a certain number of days after closing to move out and enough time to wrap up both transactions successfully.
Of course, it is important to remember that sometimes buyers shy away from rent-back agreements and contingencies. If you want to avoid contingency offers entirely, you can close on your current home and then find a temporary place to stay until you buy your new one.

Make an offer and close on your new luxury home

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Once you find a new home that you absolutely love, it’s time to make an offer. Remember to be patient and approach the situation carefully. Certain circumstances, such as paying with cash, can even give you an edge over the competition. You most likely will not be the only person making an offer, after all, so speak with your real estate agent to determine the best course of action and make a strong offer.

Trying to navigate the real estate market can often be stressful, especially when you are attempting to buy and sell simultaneously. Since you are doing double-duty as both a buyer and a seller, it can be tough to know how to approach the situation strategically. Thankfully, by using the above methods and speaking with a qualified and experienced real estate agent, the process won’t seem as daunting.
For expert guidance through this life-changing adventure, contact Holly Danna for an agent you can count on. Holly is well-versed in all the phenomenal neighborhoods of the South Bay and Los Angeles area, from oceanfront Manhattan Beach homes to beautiful estates in Playa Vista. She will be your guide each step of the way.

*Header photo courtesy of Shutterstock

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Holly offers her clients a strong commitment, expert local knowledge, and will skillfully navigate real estate matters to bring results.

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