Sell Your Home and Buy Another in Los Angeles | Move-Up Guide
How to Sell Your Los Angeles Home and Buy Another One
Many Los Angeles homeowners are not deciding whether to sell in isolation. They need to sell their current home and buy the next one without creating an avoidable financing, timing or housing problem. The right sequence depends on your equity, financing, risk tolerance and the market for both properties.
Should I Sell First or Buy First?
Selling first can provide clarity about your available equity and purchasing budget, but it may create a gap between homes. Buying first can make the move easier, but it may require carrying two properties or qualifying before the existing home is sold. The better sequence is specific to your finances and the competitiveness of the homes you are targeting.
Know Your Equity Before You Start
Begin with a realistic estimate of your current home’s value, expected selling costs and approximate proceeds. Request a personalized home value review so the move-up plan is based on property-specific market information rather than an automated estimate.
What If I Have a Very Low Mortgage Rate?
A low existing rate is valuable, but it is only one part of the decision. Consider why you need to move, how long the current home will continue to work for you, available equity, the cost of the next home and the monthly payment difference. Read the guide for homeowners asking whether it makes sense to give up a 3% mortgage to buy a bigger Los Angeles home.
Plan the Next Home Before Listing
Identify neighborhoods, realistic price ranges and must-have features before putting the current home on the market. Start a personalized home search and consider off-market and coming-soon opportunities when available.
Coordinate the Two Transactions
Your strategy may involve contingency planning, negotiated possession, temporary housing or other timing solutions depending on the transactions. Financing and contractual options should be reviewed with the appropriate lender and real estate professionals for your situation.
Build Your Move-Up Plan
Artin Hovsepian works with Los Angeles homeowners who are balancing a sale with their next purchase. The first step is understanding the current property, likely proceeds and what you want the next home to solve.