Short answer: know your numbers first, price your current home to sell, then pick one of three strategies (sell first, buy with a sale condition, or buy first) and line up both closing dates. Most people can close on the same day and move once.
Step 1: Know your numbers
- Your equity: what you'd walk away with after the mortgage, commission and legal costs.
- Your budget: get pre-approved for the next home, and ask whether you can port your mortgage.
- A backup plan: ask your lender now whether you'd qualify for bridge financing if the dates don't line up.
Step 2: Price your current home realistically
Your sale sets your budget. An overpriced home sits, and that delays everything else. See how to price your home to sell.
Step 3: Choose your strategy
- Sell first: the safest option on your budget. Negotiate a longer closing or a short rent-back to give yourself time to buy.
- Buy with a sale condition: you lock in the next home, but the seller can keep marketing it. Works best when your home is priced to sell quickly.
- Buy first: you won't miss the right home, but you may need bridge financing. See bridge financing explained.
Step 4: List and shop at the same time
Your home goes on MLS® while we search. That way neither deal waits on the other, and you know what buyers will pay before you commit on the next home.
Step 5: Line up the closings
The goal is a same-day closing. On that day your lawyer receives the money from your sale and uses it for your purchase. Many people book movers for the morning and get the keys to the new home that afternoon. If you want breathing room, close a few days apart and use a rent-back on the home you sold.
An example timeline
- Week 1: pre-approval, pricing and a plan.
- Weeks 2 to 3: prepare and list your home, and start touring homes.
- Weeks 3 to 6: accept an offer on your home, then write your offer on the next one with matching dates.
- Weeks 6 to 10: clear conditions on both deals, then close both on the same day.
Mistakes to avoid
- Shopping seriously before you know your numbers.
- Pricing your home high "to leave room."
- Firming up a purchase with no plan for the gap if your sale is delayed.
- Booking movers before both deals are firm.
Military family? You can combine this plan with your relocation benefits. See my military relocation guide.
General information only. Your lender and lawyer confirm financing and closing details.
Talk to Nick
Let's make a plan
Selling one home and buying the next? Call or text 506-304-9292 and I'll map out your numbers and dates.