Here’s what to know if you’re trying to buy and sell homes in this market.
This is a great and very common question in this market. The answer depends on a couple of different factors. First, what’s your point B? What does that next house look like? Then, what does your point A (your current house) look like?
If it’s a seller’s market and you’re selling high, you’re probably going to end up buying high too. Trying to complete both transactions at once requires a delicate balance and a lot of strategizing.
One option is to sell your current home first and negotiate a rent-back with the buyer to allow you to stay in that home while you search for your next property.
You can also buy your new home first with a bridge loan or other creative financing programs that will allow you to move into your new place before you sell your old home.
For the most part, contingent offers do not work here in Portland. Non-contingent offers are much stronger and often bump contingent offers out of the way. Even if a seller accepted a contingent offer, there’s a good chance it won’t make it to closing.
This is a complex topic and there’s no one-size-fits-all answer. If you have any questions about what to do in your situation and how you can accomplish this real estate juggling act, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.