Before you start touring homes, understand how the sale, financing, and moving timeline will work together.
When you already own a home, deciding to move brings up a question pretty quickly:
Do I sell first, or do I buy first?
You may need the money from your current home to purchase the next one. You may be worried about finding somewhere to live between closings. Or you may have found a house you love before your own home is ready to list.
I would start by looking at the two transactions together. A decision on one side can affect your options on the other.
Get clear on what you need financially
Your first conversations should include your Realtor and a lender.
Ask the lender whether you can qualify for the next purchase while still owning your current home. Find out whether you need sale proceeds for the down payment, closing costs, or required reserves.
Then ask your Realtor for an estimated seller net sheet.
The amount your home sells for is different from the amount you take away. Your mortgage payoff, transaction expenses, negotiated concessions, and other applicable costs affect the proceeds available for your next purchase.
That estimate will change as the transaction develops, but it gives you a more useful starting point than relying on an online home value.
Compare the possible sequences
There are several ways to approach the move.
Sell first, then buy. This can clarify the funds available for your purchase. You’ll also need a plan for housing and storage if the next property isn’t ready.
Buy first, then sell. This may give you more flexibility with the move, provided your financing and available cash support it. Consider the cost of carrying both homes if your sale takes longer than expected.
Coordinate the sale and purchase closely. This may reduce the gap between homes, but it requires careful communication and a backup plan.
A purchase may also be negotiated with a contingency related to the sale of your existing property. Texas has a specific addendum for that situation, with deadlines and conditions that need careful review. Seller acceptance isn’t automatic.
Plan for the space between closing and moving
Ask early about possession dates.
Signing closing documents, funding the transaction, receiving sale proceeds, and being entitled to occupy a property are related steps, but they aren’t interchangeable.
In some transactions, the parties negotiate a temporary lease allowing the seller to remain after closing. TREC provides a form for seller occupancy of no more than 90 days after closing. The arrangement still requires agreement and attention to its terms, costs, and insurance implications.
Don’t assume you can remain in your home after it sells or move into the next one early.
Evaluate both local markets
Your current home and your next home may face different competition.
An established property in Cedar Park and a new construction home in Georgetown need separate analysis. We should review the relevant homes, pricing, condition, available alternatives, and your timing.
I want the plan to reflect the properties involved, rather than a broad headline about the Austin market.
Have a backup before you need it
What happens if your buyer’s closing is delayed? What if your new home isn’t ready? Could you manage temporary housing or additional moving costs?
Working through those questions early can make the process more manageable.
If you’re thinking about buying and selling in Central Texas, start with your financing, estimated sale proceeds, and timeline. Those details will help us build a plan around your actual options.
Planning your next move? Contact April Guerra to discuss selling your current home and purchasing the next one.
April Guerra is a Texas Realtor with Texas Oak Realty Group powered by LPT Realty. Search Austin and San Antonio area homes here.