Many of you have reached out with a common question: “How can I sell my Charleston home and buy another simultaneously?” It’s a great question and a major concern for many in our current market. Today, I want to outline three strategies you can consider, each with its own pros and cons.
Option 1: Home Sale Contingency
The first option is to make an offer on a new home with a home sale contingency. This means your agreement to buy is contingent on the sale of your current home. If your home doesn’t sell, you can withdraw from the purchase without penalty. However, the downside is that sellers might give you only 45 to 60 days to sell your home, which can feel rushed. Also, in a competitive market, sellers may prefer offers that don’t include this kind of contingency.
Option 2: Using Home Equity
Another approach is to leverage the equity in your current home to buy the next one. This can be done through a home equity line of credit (HELOC) or a bridge loan. A HELOC might offer more favorable interest rates (currently around 7-8%), while bridge loans can be pricier with rates potentially as high as 8-10%. This method allows you to purchase without selling first, but you will need to manage payments on two properties simultaneously.
Option 3: Cash Offer Program
The final option is our cash offer program. This allows you to sell your home and continue living there while you search for your next house. We’ll agree on a sale price upfront, and if your home sells for more than this price later, you’ll receive the difference—ensuring you don’t miss out on any potential profit.
Each of these options has its merits, and the right choice depends on your specific circumstances. If you’re considering a move or just want more information, I’m here to help. Contact me anytime to schedule a personal consultation where we can discuss which strategy might be best for you.
Thank you for your time, and I look forward to assisting you with your real estate needs.
