Sell your current home, camp out for a while in a short term rental, a hotel or???? And only then start your search for the prefect home. You will have a clearer mind and will be able to make better decisions. Barring this.....stay put! I do agree that those looking to move up can find great bargains right now. Sell low and buy low is not such a bad thing is you are not leveraged to the hilt on your current home. Good luck.
You're right not to want to be stuck with two mortgages. OK, so what do you do? You can make the purchase of the new home contingent on the sale of your current home. That weakens your offer considerably, but it does protect and you, in this slow market, it's a very prudent step.
You can also get a bit more creative. Pay for an option on the property. Offer to pay $x (I don't know, maybe $2,500) for a 90 day option on the property, to be credited toward the purchase price if you exercise your option. You'll forfeit the option if you decide not to purchase. Taking that route would give you the option period--in this case 90 days--to sell your home. And you'd only be putting $2,500 at risk if your home didn't sell. Now, even if that's a possibility, the sellers probably would come back and request a shorter option period (probably 60 days max) and maybe more option consideration. That's all open to negotiation.
There are other techniques I've heard about--that come highly recommended, though I haven't tried them myself--that can sell your home faster. A round-robin auction, accompanied by massive marketing, is said to work well. I spoke to a couple of investors just yesterday who have used that technique in Northern Virginia and Maryland. That takes about a month, and reportedly will bring in 90%-95% of what a standard listing with a good, competent Realtor will. So, you're probably still going to take a slight hit on your equity, but that technique has a pretty good chance of moving your house very quickly.
In any case, though, marketing and pricing are vital elements to selling your home.
Hope that helps.
If you are serious- you CAN havea quick sale. Remember sellers: there 4, and only 4, factors that effect the sale of your home: LOCATION, which you cannot control, and PRICE, CONDITION and MARKETING- all of which you can control. I cry when I am still seeing listings in the MLS & Realtor.com, RE/MAX.com etc that have NO PICTURES! What!?! and these are the agents groaning that the market is slow!! -- boo-hoo! to them and to the sellers that hired them! Seriously, any good agent will have a specific, custom marketing plan for your property and have the experience to actually know how to SELL property in this current market. We are, after all,. in sales!! :p
You will take a huge loss if you sell to an investor, so donâ€™t go that route!!!
The best way to sell a house fast is do what you're already doing; place is clean showing condition, price it to market or a little below market value, market the house on the MLS with me, and then we can talk about the new house of your dreams. As soon as you get it listed on the MLS, the better you'll be.
If you want to email me your property address, and then the address or MLS number of the property you have your heart set on, that will allow me to provide you with a more accurate perspective.
Frank Biganski, Realtor ABR