Buying and Selling Houses in LA at the Same Time? Tips to Relieve the Stress

First-time homebuyers closing on a real estate deal in Los Angeles experience both relief and excitement. The house might not always be perfect, but when turning the keys in the lock of your new LA home, the stresses of the deal process fade away. 

But after several years of longer-than-desired commutes or feeling cramped, it is time to trade up your property. 

That bungalow that got you started might feel quaint at first, but the lack of space quickly becomes apparent. But buying and selling a home brings about a different set of challenges to the home buying process. 

To help homeowners in LA take their next step on the property ownership journey, we’ve compiled a few tips to help relieve any stress when buying and selling houses at the same time. 

Strive for a quick sale versus a timeline 

Homeowners in Los Angeles should create a general timeline when selling and buying a home. But buyers must understand that real estate transactions can have sudden developments that affect timing.

Some homeowners want to perfectly time the sale and purchase of their homes, but if an interested buyer puts an attractive offer forward for your current home, you should take the deal. Most people fear that they will have no place to live if they sell too quickly, especially if it is a competitive market in which to find the next place. Buyers can use temporary housing options or creative tools like leasebacks to secure a short-term living solution as they search for their new one.

Just because homeowners should focus on selling their home first, they should prepare themselves for the home buying process so they can act quickly. 

Get pre-approved before starting your search 

All financed buyers in Los Angeles should have a mortgage pre-approval if they plan on purchasing property, and the same is true for homeowners looking for their next place. Getting pre-approved for a mortgage shows buyers that you are serious and qualified to buy based on your financial situation.

Plus, getting pre-approved tells you just how much money is available to make an offer on a Manhattan Beach home with views of the Pacific. Connect with your mortgage broker to explain your situation and the financial factors affecting your home buying journey so they can provide a pre-approval letter. 

Getting pre-approved is one of the first steps you can begin while focusing on selling your current home, but technological advancements also allow you to start your search from the comfort of home. 

Use online tools to speed up your search

Back in the day, traditional real estate agents provided listings to buyers so Californians could find their ideal home, then facilitate the transaction process to help new homeowners get the keys to their house. 

Many buyers pride themselves on researching which South Bay city best suits their daily commute to the Hawthorne tech hubs. Today, there are real estate search sites that allow homebuyers to discover properties, but Californians trying to balance the sale of a home may not have the time to scour listings. 

Prevu, a digital home buying platform in Los Angeles, removes the stress from the search process by empowering homebuyers with property alerts. Once you set your sights on your ideal Pasadena or Hollywood Hills home, Prevu enables you to request tours with the click of a button, collaborate with an expert agent online, and complete everything you need from offer through closing.

Increase your purchasing power with a buyer rebate

While your first agent helped you purchase your starter home, homeowners upgrading their residence should shop around for an agent that fits their needs. An experienced real estate agent can help you refine your search and find the right home to trade up to.

In addition, homeowners upgrading to a new house should seek out a buyer’s agent that can provide them the financial benefit of a commission rebate.

Traditionally, when a buyer’s agent and the listing agent close a deal, they split the commission between them. But modern, savings-oriented brokerages like Prevu have streamlined the buying process with its online platform. This enables Prevu to pass along significant savings to the buyer with the company’s Smart Buyer Rebate Program.

Prepare to move when staging your home for sale

Packing up is one of the more emotional aspects of trading up your current home, as your house contains many memories. 

But change is a part of life, and when selling your home, it is best to stage the property in a manner that allows prospective buyers to imagine what their life would look like in your home. Use this as an opportunity to declutter and pack up as much excess furniture and personal items as possible. 

That way, when it comes time to move, you are already ahead of the game for the final pack up and cleaning.

Don’t close your sale and purchase on the same day 

If you do manage to conveniently sync purchasing a new home and selling your old one, try to resist the urge to schedule both closings for the same day.

Managing the details between each deal adds undue stress and can complicate the closing process. Ideally, buyers upgrading their housing will have already sold their prior home, putting more cash on hand for covering closing costs on your new home. Selling before buying also helps when you have a contingency on your mortgage commitment. 

Sellers will want to confirm with their banks to see how long it will take for the check from the sale to clear, if funds are not planned to be wired. You may need to use those funds to bring more money to the closing table as a buyer of your new home. 

Prevu Real Estate, Inc. is a licensed real estate broker in California, license number 02134758.