Before listing your current home, determine your "net proceeds." Calculate your home’s current market value minus your remaining mortgage balance, closing costs (typically 6-10%), and any necessary repairs. This figure dictates your budget for the next house. Simultaneously, get for a new mortgage to confirm what you can afford in the current interest rate environment. 2. Prepare the Sale
As you begin touring new homes, you face a strategic choice. In a "buyer's market," you might submit an offer on the sale of your current home. This protects you from owning two houses but makes your offer less attractive to sellers. In a "seller’s market," you may need to sell first and move into a short-term rental to make your offer on the new home more competitive. 4. Negotiating the "Rent-Back" steps to sell a house and buy a new one
Once both sets of keys have changed hands, the process is complete. While the logistics are complex, the key to success is maintaining a buffer—both in your timeline and your budget—to account for the inevitable delays that come with real estate. Before listing your current home, determine your "net