Juggling 2 Transactions in Our Market

Here are a few tips to help you buy and sell at the same time.

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As of the recording of this video, we have just over 50 homes for sale in Missoula, and just over 100 available in Ravalli County. Even if those numbers have changed slightly in the meantime, now is the time to bring up the No. 1 concern sellers in our market have: If I put my house on the market, how can I make sure I have a house to move into after I sell so I don’t end up living under a bridge?

The good news is, my team and I have never put anyone under a bridge (unless they wanted to be there—I heard the pigeon tastes great ????). I have a few tips to share with you that should calm your nerves if you need to buy and sell at the same time. 

First, work with a winning real estate team. A team has people who handle the listing, marketing, and transactional phases of a home sale. We have several agents on our team whose sole job is to find off-market homes for potential buyers and/or show them the homes that are on the market. One single agent can’t handle all your needs in a market like this. 

Also, make sure that, somewhere in the Additional Provisions section of your listing agreement states, it says ‘subject to the seller finding suitable housing.’ This allows you to back out of a sale if you can’t find your next home to buy. Out of the 551 closings my team and I have handled since we’ve been in business, only once were we not able to help a seller find their next house. Those are great odds, so remember—most people are successfully buying after they sell. 

There’s little to choose from out there, so if a buyer wants your home, they have to do what you want.

Next, try to list your home now. That way, you’ll have a lot more homes to look at in a month or two. If you need help preparing your home for the market, we have a concierge service we’d love to tell you more about. After that, get your ducks in a row as a buyer. That is to say, make sure your pre-qualified and your asset statements are available. 

When structuring your offer, make sure it’s a strong offer. If you have a house to sell, it’ll be difficult for you to get your offer accepted. However, if you owe very little on your current home (or nothing at all) and have a lot of equity, you can use that equity to your advantage. If the house you’re interested in buying is worth $400,000 and yours is worth $800,000, get a loan for $400,000 and pay for that next home in cash. That will allow you to move at your own pace and make your original home easier to sell. 

A popular strategy for sellers is to find a buyer who will either delay the closing once their offer is accepted or allow you to live in the home after closing until you’ve found your next home. There’s little to choose from out there, so if a buyer really wants your home, they have to do what you want. 

If you’d like to talk more about buying and selling successfully in our market or want to know your home’s worth, don’t hesitate to call or email me. I’d love to speak with you.