Selling your home before buying a new one has several advantages (and can be a smart financial move), including:

1. Knowing your budget: When you sell your current home first, you will know exactly how much money you have to put towards your new home. This can help you avoid overextending yourself financially and ensure that you buy a home that fits within your budget.

2. Avoiding the risk of carrying two mortgages: If you buy a new home before selling your old one, you may end up carrying two mortgages at once, which can be a significant financial burden.

3. Having more negotiating power: When you are a cash buyer, you may have more negotiating power when it comes to buying your new home. This is because sellers prefer cash buyers who can close quickly and don't have to worry about financing falling through.

4. Reducing stress: Selling your current home before buying a new one can help reduce the stress and uncertainty that comes with juggling two transactions at once. It can also give you more time to find the perfect new home without feeling rushed or pressured.

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Selling your home before finding your next home can also create logistical challenges. Here are some steps you can take to make the process smoother:

1. Determine your financial situation: Before you sell your home, it's important to understand your financial situation. This includes how much equity you have in your current home, how much money you need to buy your next home, and how much you can afford to spend on temporary housing if needed.

2. Prepare your home for sale: To sell your home quickly and at the best price, you should take the time to prepare it for sale. This may involve cleaning, decluttering, and making any necessary repairs or upgrades.

3. Work with a real estate agent: A good real estate agent can help you navigate the home selling process and provide valuable advice on pricing, marketing, and negotiating with buyers. They can also help you find temporary housing if needed.

4. Consider temporary housing options: If you sell your home before finding your next one, you may need to find temporary housing. This could include staying with friends or family, renting an apartment or house, or using a short-term rental service like Airbnb.

5. Be prepared to move quickly: When you sell your home, you may need to move out quickly to accommodate the buyer's timeline. This means having a plan in place for packing, moving, and storing your belongings if needed.

Overall, while there are some risks associated with selling your home before buying a new one, it can often be the best strategy for homeowners who want to minimize their risk; but it requires careful planning and preparation to ensure a smooth transition. Working with a qualified real estate agent can help you navigate the process and make the most of your home sale.

Information courtesy of Keller William Realty New England Region

Stowe Area Realty Broker Ken Libby and Tom Mannion are hosting a FREE SEMINAR FOR POTENTIAL SELLERS:

How to Increase Value in Your Home Prior to Listing
Wednesday, August 22, 4:00 p.m.
Stowe Area Realty, 1056 Mountain Road, Stowe

The market changes in subtle ways that can affect home-buying strategies; sometimes a small shift can tip the market in favor of buyers or sellers. Do you know where the market is right now? Are you confident that you will get the best deal?

Our job as REALTORS® is to guide you through the process and help you identify the pitfalls and opportunities. We can take the element of surprise out of the equation and put you in a stronger position to make an informed decision on pricing your home and avoid the risk of making costly mistakes with:

• Over- or under-estimating the actual value of your home
• Curb appeal and how it affects home value
• Staging, rooms to stage and how much of a difference does it make?
• Importance of photography
• Knowing the market and its relation to your home value
• The importance of a pre-inspection
• How to get the best value for your home
• Is it a buyers or sellers market and how does it impact your selling price
• Permits and possible pitfalls
• Checking titles and boundaries
• Understanding escrow accounts and time is of the essence
• How to save on investment properties  
• 1031 and improvement exchanges
• Additional value-added topics

Contact us to RSVP or for more information.

If you start the selling process by learning what buyers really want, you can prepare your home to come as close to their dreams as possible.

Curb Appeal

You only get one chance to make a first impression. Your buyer should be so impressed, so charmed, so delighted that they want to leap out of the car and run inside.

Start with sweeping the drive, walkway and porch or entry of dirt and debris. Get rid of leggy bushes, wilted flowers and broken tree limbs. Plant fresh flowers in the front garden or in containers at the entry.

Power-wash the exterior and hand-wash the windows. Touch up paint around the windows. Paint the front door a fresh, modern color. Replace the door hardware and porch sconces.

Space

The number one reason why people buy homes is to have more room.

If you have a large home, you're golden, but that doesn't mean you've got it made. You can ruin a buyer's first impression with too much clutter, so make sure to keep your home picked up so your buyer can see your home's features clearly and easily.

What if you don't have a lot of space? Plan to do some storing and staging. Clean off all tables and countertops so you have only the minimum of things you need to operate your home. Empty closets of anything that is "stored" and move it to a storage unit. The small expense you'll pay in storage fees you'll more than make back from your buyer's offer.

Updates

Replace the most dated features - countertops, cabinet pulls or appliances.

Bathrooms are so personal that they can easily turn buyers off. Invest in new towels, bathmats and a shower curtain.

Painting is expected by buyers; pick an updated neutral like a warm grey instead of beige. Be sure to choose a color that will complement the architecture and flooring in your home.

Homebuyers expect to see pride of ownership. The more tweaks, updates and repairs that you perform, the more confident your buyers will be that they're choosing the right home.