Home Buying the 2nd Time for the 1st Time
TV shows are quick to depict the struggle of a first-time buyer, but certainly the more stressful situation in reality is that of someone who already owns a home and is looking for a change. This is normally the first time that someone has to coordinate a sale and a purchase at the same time. If you thought finding a house in the Greater Edmonton Area was a challenge, try selling a house at the same time.
Perfecting this multi-property strategy takes work. However, the HACK&Co team get a lot of practice selling a home every four days (or more) because our most common client is someone who is selling and buying with us. Curious how we do it? It’s all about the sequence. Anyone who doesn’t think that order of operations affects results should try dialling their friend’s number by rearranging the digits.
The only realty experience the second time buyer has is from when they didn’t have a home to sell. It’s natural to look toward where you are going and looking for a house was the entire project the first time, so starting there seems intuitive. Plus, the idea of moving was often sparked by changing needs that result in the current home no longer meeting the owner's requirements so searching for a replacement home feels like a natural starting point.
Although finding somewhere to go before you leave feels natural, this is not how real estate works for most people. The majority of us are required to sell our homes before purchasing a new property because we take our down payment from the equity of our current home.
Does this sound complicated?
Well, relax, HACK&Co has you covered with the vast majority of our clients executing a successful sale and purchase, with a strategy that has you owning both homes for a short period while you move and clean.
So, how do you actually get started?
We suggest a HACK&Co Strategy Session so you can see how often the opportunities that fit your criteria and your budget appear in the market. By preparing in advance, we will ease your mind and tell you everything you need to know about the process we have used to help hundreds of home owners before you.
Want to know more about some of the elements encountered when current real estate owners buy and sell real estate?
- HACK&Co Strategy Session – We make winning game plans , helping you understand market timing and how often the type of home you like within your budget shows up on the market where you want to live.
- Subject to Sale – When it works for you, and when it works against you.
- Bridge Financing – How and when you can access the equity of your current home for your next down payment.
- Selling Before Buying – The Hacks & Traps
- Buying Before Selling – The Hacks & Traps
- How far before we buy should we be looking at property?
Becoming second-time buyers? Book a strategy session today with a member of our experienced realty team.