Thinking of upsizing? Avoid these 5 common mistakes when selling and buying.
Are you thinking about upsizing and moving into your dream home, but feeling overwhelmed by the logistics of selling your current property? Whether you’re looking for more space, a different neighborhood, or just a fresh start, finding the perfect home while managing the sale of your existing one can be a tricky balancing act.
In this blog, we’ll walk you through some essential upsizing hacks that will help you streamline the process, make smart decisions, and minimize stress along the way.
Start with a Clear Picture of Your Needs and Wants:
Before diving into the market, take time to assess exactly what you need in your next home. Make a list of must-have features and deal-breakers. Are you looking for extra bedrooms, a bigger yard, or a home office space? Also, consider the location—proximity to work, schools, or amenities like parks and shopping centers.
Having a clear vision will help you filter through available listings and focus on homes that truly fit your needs, saving you time and energy.
Get Pre-Approved for a Mortgage:
Upsizing often means taking on a bigger mortgage, so it’s crucial to get pre-approved for financing before you start your search. Knowing exactly how much you can afford will help narrow your options and give you a clear budget to work with.
By securing your financing early, you’ll be in a stronger position when it’s time to make an offer and can move quickly when the perfect property hits the market.
Work with an Experienced Realtor:
Having a knowledgeable real estate agent by your side is key when upsizing. An experienced Realtor in Burbank can guide you through both the buying and selling processes, ensuring you don’t miss any important details. They’ll help you find the best listings that align with your criteria and provide invaluable insight on market trends, pricing strategies, and negotiations.
Additionally, they’ll assist with selling your current home, so you can focus on finding your dream property without worrying about the logistics of managing two transactions at once.
List Your Home Before Searching (or at the Same Time):
The timing of listing your current home is critical when upsizing. Ideally, you want to sell your property before you buy, but in competitive markets, homes often sell quickly, and you could find yourself without a place to move into.
If you want to avoid that scenario, consider listing your home and beginning your search simultaneously. That way, you’ll be prepared to make an offer on a new property as soon as you get an offer on your current one.
Have a Contingency Plan:
In a competitive market, there’s always the possibility that your home may sell before you find your next one, or that your dream home could get snapped up by another buyer before you’ve closed on your current home.
That’s why it’s essential to have a contingency plan in place. Work with your Burbank Real Estate Agent to negotiate extended closing times or rent-back agreements to give you more time to find your next property. Alternatively, you can look into temporary housing options to avoid feeling rushed in your search.
Consider the Market:
Understanding market conditions is a huge factor in upsizing. If it’s a seller’s market, you might want to list your current home first, capitalizing on high demand. However, in a buyer’s market, it might be best to start by securing your dream home before putting your property on the market.
Consulting your agent about current market conditions will help you decide when to make the leap.
Streamline Your Search:
While it’s important to keep an open mind, being too flexible can lead to frustration. Narrow your focus to homes that meet your needs within your price range. Use online tools, attend open houses, and communicate with your Realtor to stay ahead of new listings and increase your chances of finding the right property.
Make a Competitive Offer:
Once you’ve found the perfect property, be prepared to act quickly. In competitive markets, homes can sell quickly, and you’ll need to make a strong offer to stand out from the crowd. A good real estate agent will help you craft an attractive offer that gives you the best chance of success.
Conclusion:
Upsizing can be an exciting journey, but it requires careful planning, strategy, and expert guidance. By getting pre-approved, working with an experienced Realtor in Burbank, and timing your sale and purchase right, you can make your dream home a reality.
If you’re ready to take the next step and sell your home in Burbank while finding the perfect upgrade, reach out to me today. Let’s make your upsizing experience smooth and successful!