"We'd love to move, but we'd have to sell first, and then where would we live?"
I hear this from homeowners all the time, and it's one of the biggest reasons people put off a move they really want. Maybe your family has outgrown your home, you want a bigger yard, or you're ready to downsize. The idea of selling, packing up, and having nowhere to go can feel overwhelming.
The good news is that selling first isn't the only way to do it. Here's a look at the options Maryland homeowners have, and how to figure out which one fits you.
Option 1: Buy with a home sale contingency
A home sale contingency lets you make an offer on your next home that depends on your current home selling. It gives you protection, because you're not stuck with two homes if yours doesn't sell. Some sellers are open to it, especially when their home has been on the market a while. In a competitive situation, it can make your offer less attractive, so it helps to have your current home ready to list (or already listed) before you write the offer.
Option 2: Use your equity before you sell
Depending on your finances, some lenders offer ways to tap the equity in your current home to help with the down payment on the next one. That can include options like a bridge loan or a home equity line of credit. These aren't right for everyone, and they come with their own costs and qualifications, so this is a conversation to have with a trusted lender early in the process.
Option 3: Qualify to carry both homes for a short time
Some buyers can qualify for the new mortgage while still paying on their current one. If that's you, you can shop and make a strong, non-contingent offer, then sell your current home after you move. A lender can tell you whether your income and debts make this realistic.
Option 4: Sell first, then ask for time
If selling first makes the most sense, you still have ways to avoid moving twice. You can ask your buyer for a rent-back, where you stay in the home for a short, agreed-upon period after settlement. You can also negotiate a settlement date that gives you more time to find your next home.
What the right plan looks like
There isn't one answer for every homeowner. The best plan depends on a few things:
- How much equity you have in your current home
- What you can qualify for with a lender
- How quickly homes are selling in your neighborhood and in the area you're moving to, whether that's Bel Air, Fallston, or Towson
- How much flexibility you have on timing, and how much risk you're comfortable with
When the selling side and the buying side are planned together, the whole move feels a lot more manageable.
The bottom line
You don't always have to sell your home before you can buy your next one. With the right lender, the right offer strategy, and a clear plan for both homes, you can move on a timeline that works for your family.
Wondering what your current home could sell for? I'll put together a
free, no-pressure home valuation so you can start planning your next move.
Ready to make a plan? Reach out to Melanie Miller at Core Maryland Real Estate. Call or text
443-442-5684 or email
melanie@coremaryland.com. I cannot wait to help you get moved!
