If you’ve decided to leave Arizona and move to another state, you are probably overwhelmed with feelings. The entire relocation is stressful, just like the process of selling your place. However, if you are selling one house and buying another one simultaneously, that’s a whole other monster to tackle. Luckily, we are here to guide you through every little step of the way when selling your Arizona house and buying in another state.
Why would someone sell and buy at the same time?
Since this feels like such a challenging process, why would anyone attempt to do it? Well, we are not here to judge anyone’s decisions. This usually happens if you are forced to move out quickly and want to move in as soon as possible. In fact, selling and buying at the same time is probably the best scenario if you can pull it off. You just need to overcome any home-selling fears you might have and get into it with positive energy and dedication.
The first step – connect your agents!
If you are moving down the corner, you will probably use the same agent. However, if you are leaving Arizona to move to Idaho, for example, you will need to hire one agent to sell your old home and another to find you a new one. They can tell you where to look for good opportunities, what cities are best for families, or where to go if you need a job. If you are moving to Idaho, you should make Boise your new home. This is due to its affordability when compared to other cities. Furthermore, the weather is always mild, and the entire area has a unique culture. You cannot get this type of information from an agent selling your home in Arizona.
Try to understand the housing market before you sell and buy
Here is a reason why selling and buying at the same time might be a little tricky. There are two terms to understand here:
- seller’s market;
- buyer’s market;
Simply speaking, a seller’s market is when the market is favorable to those selling their property. The prices go up, and you can get more money for your house. At the same time, a buyer’s market is when the market is more favorable to buyers. In this case, the housing prices are going down, and you can get a lower price when buying a property.
When selling and buying your home at the same time, the best-case scenario would be to sell in a seller’s market and buy in a buyer’s market. However, this might not happen due to the constant fluctuations of housing prices and the overall economy. Speak with your agents about both markets and try to find the most favorable conditions for selling your Arizona house and buying in another state.
Have in mind that the number of other parties is not one but two!
Usually, when selling a home, the other party is the buyer. However, you are both the seller and the buyer in this scenario, just in different states.
The reason why this is important is that there will be multiple closings happening at the same time. It is good advice to get to know other parties well, communicate your situation, and sync your meetings.
Maybe the other party is also selling and buying at the same time. If they are going through the same process as you, things may complicate at one point. For example, if you plan to use the money you get from selling your place to buy the new one, your seller’s agreement needs to close before you can buy.
However, if the other party is doing the same thing, they also need to sell before buying, which can cause a lot of stress.
That’s why having an open line of communication is essential in a complex process like this one. Ask your selling agent any questions you have, and make sure to complete the process as soon as possible, so you can control your finances.
Post-possession, and why it is a good option for you
At the moment, we live in a strong seller’s market. Housing prices went up, and it isn’t easy to find a favorable deal when buying a new place. If you wish to sell your home and find a good deal when purchasing a new one, that could mean you would have to wait for a long time before a good deal comes your way. If you don’t want to move back to your parent’s place or live in someone’s basement in the meantime, you can always consider post-possession.
Post-possession is when you sell your home and rent it from the new owner for a while. This is an excellent option for you because it eliminates the pressure of having to move right away. If the new buyer is fine with that, you are buying yourself a month or two, or even more.
Post-possession is very popular at the moment, and you should not have any problems making this deal.
You always need a contingency plan
No matter how well you plan the selling and buying process, there are high chances that something will go wrong. You always want to have a contingency plan in case you need it. Do not allow yourself to be surprised. You can always ask a friend if you can stay with them until everything is completed, or simply move back to your parents’ place. Whatever you decide, you need a plan B.
Selling your Arizona house and buying in another state does not have to be difficult
As long as you are ready for anything, selling your Arizona house and buying in another state does not have to be a source of stress. If you communicate well with your agents and other parties, chances are you will complete everything on time. Best of luck, and let us know how it went!