Buying a new home can be challenging when you want to sell your current home at the same time. There is no fixed formula how to be successful and how to minimize risk. The best strategy will depend upon many factors:
In all instances below I represented my clients to both sell their home and buy a new home.
In this instance the owners were mostly concerned about finding the right home and making a succesful offer on it. I connected them with a lender who could assist them with their situation. After searching for 6 months they made a successful purchase offer. I sold their condo in 7 days.
The owners wanted to move to a large Los Altos home with excellent schools. When I presented their purchase offer I included the listing agreement I had for selling their Redwood Shores townhouse. The sellers agreed to having 60 days to close escrow. Their purchase offer was successful even with the reduced price. During the next 3 weeks I prepared their townhouse for sale. I sold it in 1 week and arranged for a 7 day rent back. The owners were able to move directly from their Redwood Shores townhouse to their new Los Altos home.
The owners found a beautiful Los Altos Hills home they wanted to purchase. During escrow they discovered it would be advantageous to sell their investment property to raise cash. Their Sunnyvale property was tenent occupied and quite cluttered. I widely promoted their property, they received multiple offers, and accepted an all cash offer 4 days after I listed their investment property for sale on the MLS.
The owners had been unsuccessfully looking for a single family house for 3 years with other realtors. In two weeks I helped them find a beautiful Cambrian single family home they wanted to purchase. After making a successful purchase offer we sold their townhouse.
The owners wanted to move to an area having better schools. I connected them with a private investor who gave them a bridge loan enabling them to buy their desired home, then I sold their San Jose home in 30 days.
One of the first trends to look at when deciding your sell & purchase strategy is the sales price vs. list price for both your current home and where you intend to buy. If most homes are selling over list price it will be fairly easy to sell but possibly challenging to buy. A second trend to look at is days on market (DOM): how long a home is offered for sale before a purchase offer is accepted. Both price range and season affect days on market in most neighborhoods.
After looking at these trends you can make an educated judgement about what would be reasonable to expect. Next you want to talk to an experienced top agent who can turn your desires into reality, such as myself, to get advice.