How to buy and sell a house at the same time!

AOL Real Estate posted a great article about how to buy a sell a house at the same time.  It had lots of great information, but my favorite part was about knowing your numbers.  Click on the link to read the whole thing, but here is a recap!

1.  Prepare to be stressed!

• Buying a home is stressful.  Selling a home is stressful.  Prepare yourself to be stressed and that will help in the long run!

2.  Meet with your agent early!

• Even if you are months from selling or buying a home, it's good to meet with your agent early so you know what you should expect to sell your house for.  Lots of times, sellers think their home is worth less (or more) than it's worth and an agent can give you the right market value and can also let you know what improvements need to be made before you list your home.  Also, the value of your home can affect the value of the home you can afford when you buy!

3.  Learn the market where you want to purchase.

• After knowing what your current home is worth, you need to know how much you can afford when you go to buy!  What's on your wish list?  How long will it take to find exactly what you want?  Is the area you want to buy, more competitive than where you live now?  If you are moving to a different area, your listing agent might not be your buying agent so you might need to find a different one in that area.  

4.  Know your numbers.

• Many people can not afford to buy a home before they sell their current one, so it's important to know that upfront.  
• Buying in a competitive market?  Negotiate a contingency that you must sell your home first!
• Selling in a competitive market?  Negotiate rent back or a longer escrow to give you more time to find the right home
• Selling in a slow market and buying in a competitive market?  Need the sales proceeds in order to do the purchase?  Consider the option of selling your home first and then moving into a rental for temporary housing.  This might lesson your stress.