Does Buying and Selling at the Same Time Work?

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Trying to buy a new home while selling your old home isn’t as impossible or difficult as you may have heard. Today we are going to dispel some common myths about accomplishing this feat, so you get an accurate picture of what this process is actually like.

We are in a very high-paced and active market here in Portland, but we also have low inventory. This low inventory is contributing to an uptick in home values, and what we are finding is that many sellers don’t realize they can sell in this market, get that equity out of their current home, and use it to buy that new home they want. Listing a home now will help the market out by bringing in fresh inventory, which is desperately needed.

According to the most recent numbers from the National Association of Realtors, 67% of home sellers are move-up sellers. Out of those move-up sellers, 47% are looking for a more expensive home, and 53% are looking for a brand-new home. Many sellers think they won’t be able to move up because they need more than 20% down to make things happen, but that’s not the case. 

A growing number of borrowers, according to data from Freddie Mac, are only putting 5-10% down on their homes, and some are putting down as little as 3%. Mortgage credit availability has been improving monthly over the last two years; gone are the days where it was impossible to get a mortgage.

The average down payment for home buyers is right around 10%. The average for repeat buyers is a little higher (13%), while the average for first-time buyers is a little lower (4%).

Finally, a lot of people are hesitant to buy because their credit score is not where they’d like it to be. A lot of people think they need a score of 800 or higher, but that’s not the case any more. Required credit scores are actually on the decline, and you can still get a great rate if your score is in the low 700’s.

If you are interested at all in making a move, but aren’t sure if it’s possible for you, please give us a call or send us an email. I would love to have a deeper conversation with you about it. If you have any questions, give us a call or send us an email. We look forward to speaking with you!