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I always recommend to my clients that they be in the real estate game. Without knowing what real estate prices will do in your area, it is best to be in real estate for the long-term. It looks like your biggest concern is being able to perform both sides of the transactions. You Realtor will have many different creative ways to make sure you can get out of one and into another smoothly.
I would not advise you renting, since you may miss out on picking up a property below market value, there is a lot of inventory out there and shouldn't be hard to finding something else.
I would sell my home with the condition of finding another home within a specified period of time. Closing two loans at the same time is not that difficult (providing you select a qualified buyer-that is patient). Spending money on a rental and moving multiple times isn't the best way for me, but to each their own. Find a lender with experience closing transactions like this. Ask them if they have ever had to work with another lender to close both loans simultaneously...it is all about the lock deadline :) GOOD LUCK!
Since November 2009
In a perfect world, it works best if you place your condo on the market, get an executed purchase contract, and then find and make an offer to purchse your home. Timing of these events is critical. Consult with a professional REALTOR to determine the saleability of your condo and to obtain a Comparative Market Analysis (CMA) suggesting a fair market value for it.
Having said that, your local real estate market is unique. Find out how quickly condos within close proximity are selling. If it is a protracted time period, then you will need to be patient about receiving a viable offer.
Positioning your condo in the lowest one-third of the fair market range would be advisable to bring about a more rapid sale. However, if you do not have much equity in your home and/or if you the value of your condo has diminished appreciably, you might be better off waiting. Many factors such as the local economy, available of new and re-sale homes, current interest rates, pool of qualified buyers are not within your control. Please interview two or three REALTORS to learn more about the market and to oobtain an estimate of your net proceeds at various sales prices. Doing so will guide you to the next step...ultimate purchase of a new home. Finally, you would be well served by meeting with a mortgage specialist to determine your buying power, i.e., how much you would be able to afford in your next home AFTER the sale of your condo at the most probable sales price. This is an often-overlooked step which can prevent disappointments down the road. GOOD LUCK TO YOU!
Since November 2009
This really does depend on the sales , conditions, and activities in your complex. My gut tells me that you should sell you condo first. Find a realtor that's not going to give you a pitch and will give you a straight answer on what you condo is worth, even if it ticks you off. then find a month to month rental after you sell and take your time looking.
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Should I sell and buy at the same time or should I sell, then rent while I find a home to buy?
Sasorisa
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If I buy and sell at the same time, how would that work? Would a same realtor be able to do both? Or would I need a different one to sell and one to buy?
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