Can You Buy and Sell a Home in Chicago at the Same Time?
Moving twice is a hassle. Packing, storing, and finding temporary housing can be expensive and stressful. That’s why many homeowners aim to buy and sell a home in Chicago at the same time. But is that possible with the city’s competitive market?
Yes, but it takes careful planning, the right financial strategy, and expert guidance. Timing is everything, and Chicago’s fast-moving real estate market adds extra challenges. Here’s how to navigate the process smoothly.
How to Simultaneously Buy and Sell a Home in Chicago
Start with the Right Team
Buying and selling a home at the same time requires coordination. Having the right professionals in place ensures a smooth transition. Consider whether working with more than one real estate agent makes sense. Some buyers and sellers benefit from separate specialists. An experienced lender and real estate attorney are also essential.
Market Timing Matters
Chicago’s real estate market shifts with the seasons. Spring and summer typically see more activity, meaning homes sell faster and at higher prices. Fall and winter can be slower, offering more negotiating power for buyers.
Market conditions also matter. In a seller’s market, homes sell quickly, but buying can be competitive. Securing a new home in a buyer’s market is easier, but selling may take longer. You must understand current trends to develop a strategy.
Plan Your Finances Carefully
Buying before selling requires cash flow. Here are some options to bridge the gap:
- Bridge Loans: Short-term financing that covers the down payment on a new home before selling the current one. Higher interest rates make this a riskier option.
- Home Equity Loan: Access cash using the equity in your current home. This strategy works best when home values are stable.
- Contingent Offers: Making an offer on a new home contingent on selling the current one. In a competitive market, sellers may reject these offers.
Chicago-specific costs, like property taxes and closing fees, should also factor into financial planning. Illinois has one of the highest property tax rates in the country, so correctly budgeting is essential.
Negotiate More Than Just Price
Negotiation isn’t just about money—it’s also about timing. Aligning closing dates between transactions reduces stress and avoids temporary housing costs. A flexible approach with buyers and sellers can make a deal more appealing.
Have a Backup Plan
Even with careful planning, delays happen. A short-term rental or rent-back agreement can provide temporary housing if your home sells first. If you buy first, a bridge loan or HELOC can cover costs. Renting out your current home is another option. A financial cushion and flexibility help prevent last-minute stress.
How Neighborhood Trends Affect Your Move
Market conditions vary by neighborhood. Some areas move faster than others. For example, luxury real estate on the Gold Coast has seen price adjustments due to rising interest rates. Meanwhile, suburban areas like Glenview and Northbrook are experiencing growth thanks to new construction. A real estate expert with local knowledge ensures the right strategy for your specific location.
Why an Expert Realtor Makes a Difference
A skilled real estate agent makes this process easier. The right agent helps with the following:
- Negotiation: Getting the best price when buying and selling.
- Market Timing: Knowing when to list and make an offer.
- Logistics: Coordinating transactions to avoid gaps between closing dates.
A condo sale brings added complexities. An agent familiar with Chicago’s condo market understands association fees, assessment rules, and building policies.
What’s the Next Step?
Buying and selling a home simultaneously in Chicago is possible. It just requires a careful approach. Working with the right agent can make the process easier and help you reach your goals.
Ready to make your move? Contact MG Group, Chicago’s trusted real estate experts, to guide you through a seamless buying and selling experience.
