I was just recommending this situation to another client of mine who has a 3/2 house in Santa Barbara to sell, and is looking for a replacement property as well. I'm a strong advocate of the seller-rentback situation, because they then know with 100% certainty how much they are netting from the sale of their house. In our current market, the selling prices are lower than many home owners are expecting, so it's nice to eliminate those what-ifs, before pulling the trigger on your replacement property. Renting-back also gives you the time and flexibility to 1) locate the right replacement property and 2) Come from a position of strength while negotiating with no time crunches to rush this important process. In addition, most sellers are not considering offers from buyers that still have a home to sell, so it doesn't leave you with many choices but to sell your home first. As you know, with pets, especially dogs (we have two beagles), finding a good rental that will take dogs and is willing to start at month to month while you look for a home is near impossible.
I would be happy to take a look at your home and 1) Complete a market analysis of your property to give you an accurate picture of its current value and 2) Discuss with you further specific strategies for making your buy/sell transition smooth and more convenient.
Another service that may be helpful for you as you watch the market, or actively search for your replacement property, is our automatic email home finder. With this service we create a custom search in the MLS for you using your specific search criteria. Then, every week, or at a frequency of your choosing all of the new listings that match your criteria will be emailed to you. It's a great way to learn about, or keep up-to-date on the current inventory in our market and gives you a leg-up on other potential buyers who only hear about properties through the newspaper. If you are interested in having me set you up on this service, please let me know. I also can set you up with one of these searches for new comps for the home you are going to be selling, that way you can keep track of what the market is doing in your specific neighborhood.
Please do not hesitate to email me at Daniel@ZiaGroup.com or call me on my cell phone 805-637-7148. I look forward to speaking with you.