How to Buy and Sell a Home Simultaneously

In the super-hot market we’re in right now, lots of people are calling me asking, “Hey Jeff, how do I sell my home and actually buy another home without being homeless?” That’s definitely a fair question. There are three ways to accomplish this:

1. Purchase a new home first and take your time selling the old one. Since lots of folks either aren’t able to carry two mortgages or don’t want the stress of doing so, this is the least common way to accomplish that.
2. Obtain a buyer on your current property to the point of contract and start aggressively searching for your next home. Go to contract on your next home so hopefully both contracts can be scheduled to close at the same time. With this option, I always suggest that my clients have a plan B just in case the two don’t line up. This may be renting an apartment or moving in with friends and family for a short period of time until both closings can happen.
3. Just plan on selling your home and temporarily move in with friends/family. Marketing your home completely, selling it, and having it close takes between 45 to 90 days on Long Island. With this option, you can take your time in purchasing the dream home you’re looking for.

If you’re looking for more details on any of these three options, just contact me by phone or email. I'd be happy to help you!

“

I always suggest that my clients have a plan B in case things don’t line up.

”

Is It Too Late to Move into Your Desired School District?

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Is it too late in the summer to find a home and get into the school district that you want your children to be in?

Maybe you've been searching for the perfect home and haven't been able to find it, or maybe the idea of moving just came to you. My first suggestion is to find a professional Realtor like myself who can explain the process and find the perfect house for you and your family.

There are a few options.

“

Contact the school district for the exact details about registration.

”

The first is to move into a home that is vacant. However, to find the perfect home that's also vacant is maybe a 50-50 shot. Maybe you find one that is vacant, though, and you have an amazing lender who can close the loan in 30 to 45 days and have you in the home in time for the school year to start.

I recommend starting by contacting the school district to find out everything that's necessary to register your children for that school. Most schools only require a contract to be signed to register your children at the school district of your choice.

If you have more questions or you need the help of a professional to find a home in an area you want, contact me. Let's go get your perfect home!

How Property Taxes Impact Your Home’s Purchase

Want to sell your home? Get a FREE home value report. 

Want to buy a home? Search all homes for sale.

Lots of people are always asking me, “How exactly do property taxes of a home I’m going to be purchasing affect me and my monthly payment?” Basically, your bank will collect 1/12 of the property taxes within your mortgage payment once you close on your new home. This can affect you in several ways.

First, they can determine how much the bank gives you for your mortgage. When the bank is approving you for a mortgage, they determine how much they’re willing to lend you per month, which has to include principal and interest (the actual mortgage payment), 1/12 of your taxes, and 1/12 of your homeowner’s insurance.

“

Property taxes determine your buying power and your mortgage rate.

”

Here on Long Island, where the taxes are typically above $6,000 and somewhere below $15,000, they also have a huge impact on your buying power. What do I mean by that? Let’s just assume that the bank approves you for a mortgage of $300,000, with taxes of $10,000 a year. That equates to a monthly number we won’t discuss here. However, if you were to find a home with a tax of $8,800 a year instead of $10,000, that would equate to $1,200 a month less, which would give you an additional $100 a month to spend on your mortgage payment. $100 a month on today’s interest rates is approximately $20,000 more you can spend on a home!

So, property taxes also determine your buying power. When you’re searching with your Realtor, make sure that you pay attention to the property taxes because that definitely affects how much you can spend on your home.

If you’re searching for a home or know someone who is, please contact me by phone or email.