Need to sell a home and buy one in Boston’s Beacon Hill all at the same time? You’re not alone.
In fact, according to Zillow’s 2018 Consumer Housing Trends Report, 60% of home sellers are also home buyers. “Synchronous sellers” is the term they used, and if the words immediately bring to mind an image of swimmers moving through the water in perfect unison, it’s an apt comparison. To buy and sell a Beacon Hill condo simultaneously, you have to keep afloat while fluttering your elbow and kicking one leg in the opposite direction — while remembering to breathe. It also helps to have some practice: That’s where your real estate agent comes in.
New agent, or two agents for Boston buy/sell transactions?
According to the National Association of Realtors, 87% of buyers use a real estate agent to purchase their home. That means you probably already know a Realtor, and if you’re like 90% of buyers, you would use that same Realtor again. After all, they’ve not only established a relationship with you, but they also know the home you bought and can easily list it on the market.
Before you commit though, ask yourself the following questions:
- Does this agent have as much experiencing listing Beacon Hill homes as they do in facilitating the buying process?
- Do they have hundreds of positive reviews from sellers as well as buyers in the Beacon Hill area.
- Is the seller’s agent commission rate reasonable, and will they provide the best marketing possible for your Beacon Hill condo for sale
Selling a Beacon Hill condominium while buying a new one puts the seller in a precarious position and it helps to have a top real estate agent by your side.
The next question is, should you use a separate agent for buying your next home?
I think so. That is why we have a buyer’s only specialist on our team, on downtown Boston condos. In my opinion, specialization and focus makes you a better real estate agent. You want the right person to negotiate on your behalf and look out for your best interests in the purchase.
How to Buy and Sell a Boston Downtown Home at the same time.
In a perfect world, most people would buy their new home, move into it, and then deal with the turmoil of selling the old one. For most people, this is simply not an option. For financial and logistical reasons, it makes sense to sell the existing home first, then buy the next one.
There is good news. The most typical approach to buying and selling a home in downtown Boston is to put your home on the real estate market first, and at the same time – go home shopping.
When you get an offer in on your home, know your options. You can easily negotiate a 45 day close and on top of that, you can negotiate in a short term rent back, where your home is sold, but you are still living there as a short term renter. Most transactions allow closing to be put out 45 days and you can tack on a 60 day rent back period that starts after the 45 days are up. So, from the day you accept an offer on your home, you’ll have 105 days or better than three full months, before you have to move out. This gives you the time and money to find and close on your next property! This way you do not have to move twice. The above scenario is the most common way to buy and sell a home in the same city, and we’ve guided hundreds of clients through this process!
Ready to take the plunge into the deep end, sell your current home and move into a home that fits your needs? Contact us today. We know how stressful it can be, but we’re here to make it go as swimmingly as possible