Buying a house is almost always an overwhelming project, especially for those who have to sell their current home at the same time. If your house sells too quickly, you might be stuck with nowhere to live—but if you close on another property before finding a new owner for your current house, you might have to juggle two mortgages until a buyer comes through. While every situation is different, a skilled real estate agent can help clients decide whether to buy or sell first.

How to Sell & Buy a House at the Same Time

Understand the Market

Whether you should sell a home first depends largely on the activity level of the local market. When demand is high, finding one’s dream home will likely take more time, so potential buyers should start house hunting first. If, on the other hand, it’s a buyer’s market, individuals should focus on listing their home before finding a house.

Use Contingencies

Inserting a sales contingency into the contract can help homeowners avoid some of the worst-case scenarios of selling and buying a house simultaneously. For example, make your purchase dependent on your ability to close on your current house or make the sale contingent on finding another place to live. A real estate agent will help you decide if a contingency clause is appropriate for your situation.

Explore Options

If you have the savings on hand to pay two mortgages, buying another home and then listing the other may be a more convenient route. You might also be able to take out a home equity line of credit to finance your purchase and pay back the loan when your current house sells. Some lenders also offer bridge loans, designed to cover the gap between buying one house and selling another.

If you’re selling or buying a house anywhere in the Denver metro area, trust Cheri Long of Priority Properties, Inc. in Colorado to take the stress out of the process. She’s been serving buyers and sellers throughout the area since 1993, developing a reputation for unmatched expertise and making each client a priority. Visit her website to start your home search today, follow her Twitter for tips and advice, or call (303) 263-2072 to set up a meeting.