If a seller needs or wants to sell in order to buy another home they are often a “move up” or a “downsizing” seller/buyer.
This can be one of the more challenging transitions but is very common. You have a current home owner that wants to make a change.
The challenges begin by deciding whether to list their home or attempt to find a home first, and that can be very interesting. In a fast moving seller’s market it is difficult to find a home first and hope that it is still available by the time you sell your current home because another seller is not willing to risk holding their home for that buyer when they have other options. If the seller/ buyer writes a home sale contingent offer on another home and that seller accepts it, that seller can still market their home and can “bump” that offer. This is a difficult situation. On the other hand a seller can list their home but it may seller before they can secure a home they wish to purchase. It is definitely the cart before the horse scenario.
Even though it can be challenging it often works out just fine. It is best to discuss with a realtor the current market conditions and determine based on each individual situation what steps are advisable first and second. The home’s location for both ends of the transaction is a major element to take into consideration.
It is recommended to have a backup plan as to where you could go for a brief period of time if your home sold before you could find the right fit for your next home. It is too important to find the right home than to settle because of timing. If you have a backup plan you often don’t need it but having options and planning ahead can ease the worry to a point.
Remember this is something that is done all the time. Not everyone is a first-time buyer so more often than not there is a chain reaction in buying and selling. An experience agent will help you look for solutions to avoid a double more. Sometimes a rent back or early occupancy options in the more sensitive situations can work. Much of this may sound confusing and that is understandable which is a key reason you should have a qualified real estate agent you trust to assist you through the process.