"I don't want two mortgage payments."
It's one of the first things a move-up family tells me. Right behind it comes the second one: "Where are we supposed to live in between?"
If you work twelve-hour shifts, you've probably heard both versions in the break room. The coworker who sold first and ended up at her in-laws' with the kids. The one who bought first and carried two payments for months. Both of them tell you not to do what they did. Neither one tells you what to do instead.
Here's what to do instead. There are three common ways to time it, and the right one depends on your numbers, not on someone else's story.
Option 1: Sell first, and arrange to stay a little longer
You put your home on the market first. When it sells, you ask for time to stay in the house after closing while you buy the next one. That extra time is negotiated with the buyer and written into the contract. It isn't automatic.
Why families like it: you know exactly what you're walking away with before you make an offer on the next house.
The catch: the clock starts at closing. You need to be ready to buy quickly.
Option 2: Buy first, with your sale as a condition
You make an offer on the next home, and the contract says the purchase depends on your current home selling.
Why families like it: you find the right house first, and you're not stuck with two of them if yours doesn't sell.
The catch: some sellers won't accept that condition, especially when they have other offers. How well it works depends on the house and the moment.
Option 3: Buy first with financing that covers the gap
Some lenders offer short-term loans that use the equity in your current home to help you buy the next one before yours sells.
Why families like it: one move instead of two, and no rushing.
The catch: it costs money and you have to qualify. This is a conversation for your lender before it's a plan.
What decides which one fits you
Four things:
- How much equity you have in the home you own now
- What monthly payment your family can carry, and for how long
- How fast homes in your price range are selling in your town right now
- Your work schedules, and who can be where when
I pull the current numbers for your price range and your town before we decide anything. Guessing is how families end up with the break-room story.
What I do while you're at work
Once we pick the plan, I write out the timeline: when we list, when we write the offer, when each deadline lands, and where you'll be living on every date. Then I track every one of those deadlines myself. Before I was an agent, I closed transactions for two title companies and worked for years as a transaction coordinator. Deadlines were my whole job.
One more thing most healthcare workers don't know: you count as a first responder through Homes for Heroes. When you sell and buy, the savings average $6,000.
If you're thinking about moving up, tell me when you're off work and we'll sit down then. Call or text me at 970-340-8400.
Karen McGhee, Avenues Boutique Real Estate Montrose, Olathe, Delta, Ridgway, and Gunnison
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