Buying and selling a home can be tricky. You have to coordinate two different financial transactions simultaneously, working with a real estate agent, real estate attorneys, and other professionals. Many people are trying to figure out how to sell and buy a home simultaneously because of a return-to-work order, which means working with your employer as well. You have to research the local housing market and find a convenient seller’s market for you.
According to Redfin, the Washington DC housing market and the Philadelphia housing market are somewhat competitive, with homes selling on average in 65 to 80 days. But market conditions can change rapidly, and you may have a narrow window of time to get a good deal. You also need to figure out financing and logistics.
At Suburban Solutions, we understand that navigating the process of selling and buying a home simultaneously can be challenging, especially if you have a return-to-work order. We’ve prepared this expert guide on buying and selling a home so you can get started today. You’ll get an understanding of strategies like assessing your financial situation, scheduling a timeline, and preparing your current home for sale.
Remember to talk with a real estate agent, a financial advisor, and other professionals before you start buying and selling a home. If you have questions on how to sell and buy a home simultaneously, contact your team.
Table of Contents
Assess Your Situation and Set a Timeline
The first step in buying and selling a home is to evaluate your required relocation timeline. It is important to start careful planning on how to sell your house and buy a new one as soon as possible. Talk to your boss about your return-to-office deadline. Understand when you need to be back in the office and when you can take time to focus on buying and selling a home. You should also talk to your human resources department and see if your company offers any resources for relocating.
Your next step is to look at your home’s current market readiness. Your home should have no major problems, like roofing or foundation damage. You should fix these problems first before you put your home on the market. You should also evaluate whether your local market is in a seller’s market or a buyer’s market.
A seller’s market means that there are more buyers in the marketplace than homes for sale. You’ll be able to sell your current home quickly, but it may be harder to find a new home. A buyer’s market means that there are more homes for sale in the marketplace than buyers. This means you’ll be able to find a new home before you sell your current home. Talk to a local real estate agent with knowledge of your area so you know what to do.
Determining what type of market you’re in is just one way to determine if you should buy or sell a house first. You should also look at your finances. Take a look at your savings, income, and investments and consider using a cost segregation calculator to better understand potential tax savings tied to your property. Figure out if you can cover a down payment or whether you need a mortgage or home equity line.
If you need a mortgage, figure out how you can cover mortgage costs and what type of mortgage you can afford. Schedule an appointment with a financial advisor so you can get thorough details on your finances and the real estate market, including buying and selling property.
Use a worksheet or a checklist so you can map out your personal deadlines and requirements for how to sell and buy a house at the same time. As you get items done, cross off the items so you know you’ve done them. Give a copy of your worksheet to your real estate agent. The New York Times provides one checklist you can use for how to sell and buy a home simultaneously, but you can always make your own.
Look at Financial Strategies for Buying and Selling a Home Simultaneously
You have a few different financial strategies for buying and selling a home simultaneously. There is no one best way to sell a house or buy a house using these strategies. They depend on your financial situation, and you should always talk to a financial advisor first. Here are just a few options you can use to make the home buying process easier.
Bridge Loans
A bridge loan (also known as interim financing and a swing loan) is a short term loan used most often for buying and selling a home simultaneously. The loan helps you purchase your new home as you wait for someone to buy your old home. When you sell your old home, you can then pay the loan off.
A bridge loan involves using the equity in your current house to pay for the down payment on your next house. If you get a bridge loan for buying and selling a house, you may be able to buy a home quickly, even in a competitive market. However, the terms of a bridge loan mean that you must have significant equity in your current house to apply for a bridge loan.
Bridge loans often come with high interest rates, so it’s best to use a bridge loan within three months, if not sooner. Most lenders provide bridge loans quickly, but they only extend them to borrowers with excellent credit. Try to find lenders with expertise in buying and selling a home simultaneously. You can also ask them questions about how to sell and buy a house.
According to Freddie Mac, the 15-year fixed mortgage interest rate is currently at 5.83%, while the 30-year rate is currently at 6.67%. The 30-year rate has stayed under 7% for all but one week since June 2024. This makes it easier to afford a mortgage or a bridge loan and start buying and selling a home.
Home Equity Lines of Credit
A Home Equity Line of Credit (HELOC) is a line of credit you borrow against the available equity in your house, making buying and selling a home easier. A HELOC gives you a revolving credit line you can use to cover the cost of an expensive home in your area. It works similarly to a credit card, with available credit being replenished as you repay your outstanding balance.
A HELOC can allow you to afford an upscale home. Unlike a bridge loan, you can use a HELOC for a long period of time, which makes it good for a seller’s market. However, it requires having a large amount of equity in your home. HELOCs can have variable or fixed interest rates, so you should look at your terms carefully before getting a HELOC.
Contingent Offers
A contingent offer is a buyer’s offer to purchase a home based on specific conditions. Common contingents include:
- Allowing the buyer to back out if they’re unable to sell their current home before a closing date
- A home inspection that shows no significant issues with the house for sale
- Securing a mortgage or another source of funding before the closing date
- An appraisal that shows the property is worth equal to or more than the agreed-upon sales price
A contingent offer can protect you when buying a home. You won’t be obliged to purchase a home that has major structural issues or that you can’t afford with your current cash reserves. When you’re selling a home, allowing potential buyers to make contingent offers can put them at ease and encourage them to buy a property.
Some sellers are reluctant to offer contingencies as they can produce instability in the home buying process. You may need to negotiate the contingencies you want in your contract first. Homes for sale in Washington, D.C., currently receive three offers on average, while Philadelphia homes currently receive two. The low number of offers means that you can make contingencies as a buyer or seller, but a higher number of offers can encourage sellers to waive contingencies.
Selling First vs. Buying First
Once you’ve taken a look at your finances and figured out finance strategies, you should decide on whether you want to sell first or buy first. The pros of selling before buying a home are:
- You will know how much equity you can put toward your new home
- You can figure out if you can cover closing costs without taking out a mortgage or loan through your cash reserves
- You can take your existing equity and roll it over to purchase a home
- You can close the chapter on your old home and focus on buying a new home
- You won’t be making two mortgage payments simultaneously
However, selling before buying a home has some downsides:
- You will likely need to start finding temporary housing soon
- If you can’t buy a home soon, you may live in temporary housing for a while
- Storage and moving costs for two homes can add up
The pros of buying before selling a home are:
- You can move into a new home right away, even before you sell your old home
- You only need to hire Philadelphia movers once, helping you save money on storage units and moving expenses
- You won’t be forced into making a quick buying decision
The cons of buying before selling a home are:
- If you have equity and money in your current home, you may not have enough money to make a competitive offer
- You may be rushed into selling your home and miss some value
- You may be paying two mortgages simultaneously
It’s up to you to decide whether you want to buy a home or sell your home first. You should always look at your personal finance picture and determine what type of market you’re living in.
Prepare Your Current House for Sale
Whether you’re buying or selling first, you should start preparing your home for sale now. The best way to sell a house is when your house is clean, inviting, and spacious. You should look for home improvements that are cost-effective, will increase the value of your existing home, and won’t require too much time and energy. A few easy home improvements include:
- Replacing your mailbox and house numbers
- Adding chairs or hammocks to your front porch, showing potential buyers how they can use it
- Adding new drawer knobs or pulls to your kitchen cabinets
- Installing energy-efficient lightbulbs, appliances, and windows
- Replacing old doors with new steel ones
Once you’ve made these home improvements, you should work with your real estate agent to start open houses. The same agent can help you with buying a home as well. If you’re working with two agents, you should have them talk before staging your old house. If you’re buying a home first, you may want to move out before your open houses, allowing you to stage your home however you want. If you’re going to remain in your home while staging your home, you can use a few strategies:
- Perform a deep clean on your home and declutter the main spaces
- Remove personal touches like family photos and artwork
- Add flowers, candles, and other small touches to create a pleasant atmosphere
- Permit virtual tours of your home, allowing others to see the interior without visiting and minimizing your need to clean your home
If you need help, Suburban Solutions’ Philadelphia moving help team and Washington D.C. moving help team can lend a hand. Our moving helpers can move heavy boxes and furniture into your attic, basement, or storage unit, decluttering your home and making it easy to sell. We can help prepare your home by moving furniture and accessories into their proper locations. Suburban Solutions also has Philadelphia office movers and Washington D.C. office movers who can provide top office relocation services.
You don’t have to be in your home during the showings, so you can stay at work or go to another area. Your agent can handle any guests and guide them through your home. If you’d prefer to be at the showings, you should be flexible with your potential buyers and create a schedule that accommodates them. Talk to your boss and family and try to find times during the week when showings will be easy for you.
Study Logistical Coordination Strategies
A few logistical coordination strategies can make the process of buying and selling a home simultaneously easier. Here are a few strategies you can start using to help you figure out how to sell and buy a home simultaneously.
Find Storage Solutions
Storage is often necessary during buying and selling a home, particularly if you’re selling a home first. However, you shouldn’t buy a storage unit right away. You should downsize and get rid of any items you no longer use and won’t need in your new home. You can donate furniture to charities, give items away to friends and family, and hold a yard sale to sell unwanted items.
If you still have items you want to keep but don’t have enough space for, you can rent a storage unit. Many people select a self-storage unit from a self-storage company. A locker is good for a small number of lightweight items like books and clothes. A 10′ x 10′ unit can provide enough space for boxes and crates, while a 10′ x 20′ unit can accommodate a motorcycle or large pieces of furniture.
You can also rent a vaulted storage unit or a pallet in a warehouse if you have a small number of items to store. A vault is an enclosed container that will keep your items safe, including fragile belongings like dishes. A pallet is for bulky, large, and unusually shaped items like chairs that won’t fit inside a vault.
Coordinate Your Closing Dates
Whether you’re buying first or selling first, you want to figure out your closing dates ahead of time. The best way to sell a house is often with closing dates close together. An extended closing period will increase your storage and temporary living expenses. It can also introduce uncertainty, especially if you’re making or offering a contingent deal. However, you don’t want to sell quickly and miss out on money from your home purchase.
Several factors affect closing dates. If you’re applying for a mortgage or a loan, you need to wait for approval. Bridge loans take less time, but you may still need to wait several days before buying a home. If you’re a cash buyer, you may be able to buy a home faster. Home inspections can also impact closing dates, especially if your inspector finds issues.
Talk to your real estate agents, lenders, and buyers to arrange your closing dates and figure out how to buy and sell a house at the same time. See what deadlines and timelines they have, then try to adjust your closing dates to accommodate them. You may need to be flexible and adjust your closing dates so they’re later than you want them to be. However, you may be able to keep your dates close together, ensuring you spend less money on storage and temporary housing.
No matter when you need to leave your current home, you should start packing ahead of time. Contact movers to help with the packing process. Suburban Solutions offers flexible and personalized packing and moving services. Our Philadelphia packing services and our Washington D.C. packing services include the delivery of packing materials to your home. You can pack any items you want to pack by yourself, and then our experienced crew can pack the rest. You can talk to our movers and manage your moving logistics for your closing dates.
Coordinate Possession Dates
Possession dates are the dates when buyers take ownership of properties. After the possession date, they can move in and occupy the property permanently. You should also coordinate your possession dates for convenient times, talking to your agents, lenders, and buyers. The ideal possession dates will give you a few weeks to move out of your old home and into your current home.
You can use a few pieces of technology for closing dates and possession dates. You can use e-signatures to sign documents online, speeding up the processes of handling contracts and how to buy and sell a house at the same time. Cloud storage platforms can also make it easy to exchange documents, particularly Dropbox Business and Box. Realtor.com and other websites can give you information on how to sell and buy a house at the same time.
Find Temporary Housing
Finding temporary housing can be tricky. Ask your friends and family if they have a place for you to stay. Tell them how long you need to stay for and figure out if you can bring any belongings with you. If you need to stay in their home for longer than a few weeks, you can make an arrangement to pay rent with them.
If you can’t stay with a friend or a family member, you still have options for temporary housing. You can find a short term rental on a website like Airbnb. You can also ask your employer if they have suggestions for corporate housing. Corporate housing is often fully furnished, making it good if you’re moving with your family. You can also try living at an extended stay hotel, though extended stay hotels are suitable for singles or couples without children.
Study the Real Estate Market
You should always be looking at the latest statistics for your local real estate market. The conditions can change in just a few weeks, so staying on top of current trends can help you find the right closing and possession dates.
Suburban Solutions can consult with you on any relocation you need, including for returning to the office. You can schedule a free return-to-office relocation consultation today with us by calling 301-928-8669 (Washington, D.C.) or 610-314-6868 (Philadelphia). Here are the latest trends in Washington, D.C. and Philadelphia, including convenient neighborhoods for business professionals moving due to return-to-office orders.
Washington, D.C. Real Estate Market Trends
According to Redfin, 6,521 homes for sale Washington DC were sold in 2024 alone. 1,054 homes were single family homes, 2,678 properties were townhomes, and 2,625 properties were condos. The median price of single family homes in D.C. is currently $920,000, while the median price of townhomes is $790,000, and the median price of condos is $452,500.
The median number of days a property spends on the Washington DC real estate market is 79. The closing process for selling a home can take an additional two months, so the process of buying and selling a home can take at least four months. Top neighborhoods for professionals and buying and selling houses simultaneously include Adams Morgan, Columbia Heights, and Dupont Circle.
These three neighborhoods are close to Downtown Washington D.C., have walkable streets and access to public transportation, and contain some top restaurants and stores. These neighborhoods are also among the best neighborhoods in Washington, D.C. for families. It is just 1.8 miles from Adams Morgan to Downtown Washington, creating a commute of 10 minutes.
Make sure you review relevant real estate laws. Chapter 17-26 of the District of Columbia Municipal Regulations discusses real estate licenses, so you should make sure any realtor you hire complies with the chapter. Contact a real estate attorney if you have any questions about buying and selling houses simultaneously.
Philadelphia Real Estate Market Trends
According to Redfin, 14,543 Philadelphia homes for sale were sold in 2024 alone. 939 properties were single family homes, while 11,876 properties were townhomes and 1,377 were condos. The median price of single family homes for Philadelphia is currently $450,000, while the median price of townhomes is $235,000, and the median price of condos is $321,500.
The median number of days a property spends on the Philadelphia real estate market is 67. The closing process in Philadelphia takes a similar amount of time to the Washington D.C. closing process, so the buying and selling a home process may take four months. Top Philadelphia neighborhoods for young professionals include Cedar Park, Fishtown, and Washington Square West. It is 4.1 miles from Cedar Park to Downtown Philadelphia, creating a commute of roughly 25 minutes.
Philadelphia has many regulations that can impact the process of buying and selling a home, including the Residential Real Estate Transfers Law. This law contains provisions about sales disclosures and home inspections that can impact when and how your house sells.
Settle Into Your New Home
The final step in buying and selling a home is to settle in. You may want to get back to work right away, but you should spend time adjusting to your new home and life.
You should update your addresses with the IRS, the UPS, the DMV, your credit card agencies, and your insurers several weeks before moving to your new home. Make sure your address is updated on your driver’s license, voter registration forms, and Social Security documents. You can follow this guide from USA.gov to ensure the federal government knows where you now live.
Unpacking can be tricky, but you can take a few steps to make the process easier. Keep an inventory of your items and label your boxes so you know what’s inside. You should also label your boxes based on which room in your new home they should go to. You can work with your team of movers from Suburban Solutions to unpack your boxes and reassemble your furniture.
Before you return to the office, you should figure out how you’re going to commute to work. If you’re going to drive, look at a few routes and find ones that will avoid rush hour traffic. Back roads and side streets may be easier to use than major highways. If you’re going to use public transportation, find a stop close to your new home and see if there’s one route that provides access to your office.
It can take some time to integrate yourself into your new community or neighborhood. See if there are any block parties or community events you can visit. Many neighborhoods have neighborhood councils, so visit their websites to see who you can contact. You can request our guide to top neighborhoods near DC/Philadelphia business districts by calling 301-928-8669 (DC) or 610-314-6868 (Philadelphia).
FAQ
Is It Better to Buy a New Home First or Sell My Current Home First?
It depends on your financial situation and the real estate market. If you need equity or money to buy a home, you should consider selling your current home first. If you’re in a buyer’s market and you don’t need a mortgage to purchase a property, you should consider buying a home first.
How Can I Finance Buying a New Home Before Selling My Current One?
You can finance buying a new home before selling your current one through a mortgage, a bridge loan, or a home equity line. Talk to a financial advisor and a few different lenders before deciding on the right form of financing for you.
What Are Contingent Offers and How Do They Work in Today’s Market?
Contingent offers are offers to buy a home based on contingencies, like a successful home inspection. In today’s market, they provide security for sellers but introduce uncertainty into real estate transactions. You can make them in Washington D.C., or Philadelphia, but conditions can change and require you to waive your contingencies.
How Long Does It Typically Take to Sell a Home in DC/Philadelphia?
It can take three to four months to sell a home, including the closing process and resolving contingencies like home inspections.
What Temporary Housing Options Are Available Between Selling and Buying?
Corporate housing is the best temporary housing option if you’re returning to the office or moving due to job training. You can also ask a friend or relative to live in their home or stay in an extended-stay hotel.
How Can I Coordinate Moving Dates With Real Estate Closings?
You can coordinate your moving dates with real estate closings by talking to your real estate agents and movers, who can help with buying and selling a home.
What Costs Should I Budget for When Buying and Selling Simultaneously?
When you’re buying and selling a home simultaneously, you must budget for your moving expenses, closing costs, costs on a bridge loan or mortgage, and ongoing expenses for both properties. These ongoing expenses include maintenance, insurance, and property taxes.
How Can I Find a Real Estate Agent Who Specializes in Return-To-Office Relocations?
You can find a real estate agent who specializes in return-to-office relocations by talking to your employer. You can also ask friends and family for any recommendations they have. If you can’t find a good suggestion, you can visit a website like Realtor.com or Zillow.
What Are Bridge Loans and How Do They Work?
Bridge loans are short-term loans that let you buy a home first before selling your current home. Once you sell it, you can pay your lender back with the money you earn from selling your property.
How Far in Advance Should I Start Planning My Return-To-Office Move?
You should start planning your return-to-office move at least six months in advance. If you’re buying and selling a home simultaneously, you should give yourself more time so you don’t rush the process. 12 months can be enough time to buy and sell a home and then adjust to your new environment.
How to Sell and Buy a House Simultaneously
How does selling a house work, especially when you’re selling and buying a house at the same time? Buying and selling a home simultaneously may seem like headaches, especially when you get a return-to-office order. You can avoid a lot of stress through careful research of your real estate market, your current home, and your finances. Look at multiple financing options, particularly a bridge loan and a home equity line.
Remain in contact with your attorneys, agents, and other important people throughout the process, and schedule your closing and possession dates for convenient times. They can help you figure out the process of how to sell and buy a house simultaneously.
Finding the right moving partner can make buying and selling a home a lot easier. Movers can help you with logistics and perform packing, unpacking, and storage services. Suburban Solutions is the ideal partner for buying and selling a home simultaneously, whether you live in Philadelphia or Washington, D.C.
We can help you comply with a return-to-office order with a catalog of personalized and affordable services. Call 610-314-6868 for our Philadelphia movers or 301-928-8669 for our Washington DC movers to schedule a free return-to-office relocation consultation today.
