Selling and Buying a Home in Apopka Florida
In many cases, if you have a home to sell, you are also looking to buy a new home. Selling and buying a home in Apopka Florida simultaneously can be a bit complicated. Proper planning is extremely important to ensure a smooth transition. Here are a few considerations if you plan to both buy and sell.
Timing is Everything
What of the most important decisions is which you should do first. Do you find a new home before marketing the old home for sale? Or do you find a buyer for your existing home before you start looking for a new home? There are pros and cons to both.
If there is limited inventory in the market, it may take a long time to find a suitable new home. Therefore, you may want to find a new home first before attempting to sell the old one. However, your offer will need to be contingent upon the sale of your existing home. Will that have a negative impact on your ability to get an offer accepted? Additionally, will you be able to find a buyer within a reasonable time for your old home.
Another option is to list your home for sale and find a buyer for it before you go shopping for a new home. That sale would be contingent upon you finding suitable housing, so you will need to consider whether most home buyers are open to that contingency. Will such a contingency reduce the number of interested buyers? Secondly, there will likely be some type of time limit for finding a new home. Will you be under pressure to purchase a new home that doesn't fully fit your needs? Or do you have access to temporary housing if needed?
Role of the Real Estate Market
The condition of the real estate market will have a big impact on your selling and buying a home in Apopka Florida, so it's important to work with a local real estate agent who fully understands the market. How much inventory is on the market relative to demand? How long does it typically take to sell a home? How long does it take to buy one? Are there multiple offers on most new listings? Are most buyers open to delayed closings? All of these will impact which approach you should take to selling and buying a home.
Successfully Selling and Buying a Home in Apopka Florida
Your real estate agent will help you understand the market, evaluate your options, and select the best path to achieving your goals. Ideally, your sale and purchase will take place on the same day. You would close on the home sale in the morning and take those funds to close on your purchase in the afternoon. With the right real estate agent and a well thought out plan, you can make this happen!
If you are not already working with an agent in the Apopka Florida area, give us a call. Our team of real estate agents would be happy to assist you!