- Homes in Las Vegas sell in about 20 days. This makes timing important when you buy and sell a house.
- Zillow says 39% of buyers think timing their move is the most stressful part of buying a home.
- Tools like HELOCs and bridge loans can help buyers avoid paying for two mortgages at once.
- Offers that depend on selling your current home are often not as good in fast markets like Las Vegas.
- Closing on both homes at the same time and renting your old home back for a bit are key for easy moves.
Moving is never just about packing and calling movers, especially if you’re selling and buying a house at the same time. Las Vegas is known as a fast, competitive market, which makes things even harder. If you want a bigger or smaller home, or are moving to a new area, managing both selling and buying can be tough. But with the right plan and a good local real estate agent, you can make it work and stay calm.
Understanding Market Timing
Before you decide if you should buy or sell first, you need to know what the Las Vegas market is like now. Real estate markets usually go in one of two ways: they are either for buyers or sellers.
- In a seller’s market, there aren’t many homes for sale and lots of people want to buy. Homes often get many offers and sell fast, usually for more than the asking price. This is good if you want to sell quickly and for more money.
- In a buyer’s market, there are more homes for sale, and buyers have more power to get good deals. They can ask for lower prices and get the seller to pay for repairs or other things.
Homes in Las Vegas sell in about 20 days. Because homes sell so fast, timing is key. You could own two homes at once or have no place to live for a while if you don’t plan carefully.
To buy and sell a home in a market this fast, you really need to know the local area. That’s why experts like Steve Hawks are so helpful. He has worked on thousands of home sales in the Las Vegas area.
Should You Sell First or Buy First?
If you’re going to sell and buy a house at the same time, the most important thing to decide is what to do first. Should you sell your current home first, or find a new home before you put your old one on the market?
Selling First: Less Risky, More Sure
Selling your current home before buying a new one is often seen as the safer way to go. Once you sell your home, you get cash and know exactly how much money you have. This helps when you need to get a loan for your next home because you will owe less money compared to what you earn.
But, the bad part is you might not have a place to live for a bit. You might need to find a temporary place, pay for moving twice, and deal with other problems.
Buying First: Easier, but Riskier Financially
Buying a new home before selling your old one makes moving easier. You can take your time moving, get your old home ready to sell, and not feel rushed. But, it’s riskier with money. You might have to pay two mortgages, and if your old home takes a while to sell, you could have money problems.
What the area is like also matters. In popular areas like Summerlin or Henderson, homes sell quickly, so selling first might be smart. But, if you really want a certain home or are looking in a very competitive area, buying first could help you get the home before someone else does.
Option 1: Selling First — Pros, Cons & Plan
If you sell your home first, you need to plan ahead and be ready to change plans if needed. Here’s how this option usually works.
Pros:
- Clear Budget: You know exactly how much money you have from your old home for the new one.
- Better Loan Options: It’s easier to get a good mortgage because you owe less money compared to your income.
- Stronger in Offers: You can make offers that are not dependent on selling your current home because you have cash ready.
Cons:
- Need Temporary Housing: You might need to rent a place or stay with family for a while.
- More Moving: You will have to move more than once, which costs more and is stressful.
Strategic Tips:
- Try to get a rent-back agreement where the buyer lets you stay in your home for a while after you sell it.
- Look into short-term rentals in Las Vegas, like furnished apartments or places you can rent on Airbnb.
- Start packing early, book movers soon, and put things you don’t need right away in storage.
Option 2: Buying First — Pros, Cons & Plan
If you choose to buy before you sell, you have more freedom and control, but it’s riskier financially.
Pros:
- Move When You Want: You can plan your move without rushing because of closing dates.
- Better Home Prep: It’s easier to get your old home ready to sell when you don’t live there anymore.
- Easier for Families: It’s less stressful, especially if you have kids or older family members.
Cons:
- More Costs: You might have to pay for two mortgages, property taxes, and insurance at the same time.
- Less Cash: You might need to borrow money because the money from your current home is still tied up in it.
Smart Strategy Suggestions:
- Use a HELOC or bridge loan to pay for the down payment and closing costs on the new home.
- Look for homes where the sellers are eager to sell or builders are offering deals. They might be more willing to work with you on the terms.
- Work with a real estate expert who can add helpful clauses to the contract and protect your money.
Ways to Pay for Both Homes at Once
Every homeowner who is selling and buying at the same time has money questions. Luckily, there are ways to help with money flow during this time.
Bridge Loans
Bridge loans are short-term loans that you pay interest on. They use the money you have in your current home. These loans help you buy a new home before you sell your old one. They are good if you need money quickly but your old home hasn’t sold yet.
HELOC (Home Equity Line of Credit)
A HELOC lets you borrow money based on the money you have in your home. You can take out money as you need it. It’s helpful for down payments or small repairs on your new home.
Home Sale Contingency
This is a part of your offer that says you will only buy the home if you sell your current home first. This protects you, but sellers might not like offers that depend on selling another home, especially in a busy market.
Rent-Back Agreement
If you sell your home and then rent it back from the buyer, it gives you more time if your new home is taking longer to build or close.
Having a real estate expert help with these options can keep you from making mistakes and make sure your money is safe.
Getting the Timing and Closing Dates Right
Getting the timing of both sales to match up is ideal when you’re buying and selling at the same time. It’s not easy, but you can do it if you plan carefully and use contracts wisely.
Tips for Good Timing:
- Same-Day Closings: Try to close on both homes on the same day so you don’t have much time between moves.
- Link the Deals: Add clauses to the contracts that allow one deal to depend on how the other one is going.
- Talk Clearly: Make sure everyone involved—buyers, sellers, agents, and loan people—talks to each other.
Remember that things can be delayed, like loans taking longer, inspections, and home value checks. Plan for this in your contracts, and always have another plan just in case.
How Contingencies Work
Contingencies are like safety rules for homebuyers, but in a seller’s market, you need to use them carefully.
Two Common Types:
- Home Sale Contingency: Buying a home depends on selling your current house first.
- Home Purchase Contingency: Selling your current home depends on finding a new one.
To make your offer look better:
- Get pre-approved for a loan to show you can afford the home.
- Offer a bigger deposit to make the seller feel more sure about you.
- Keep the list of things that need to happen before you buy the house as short as possible.
In fast areas like Las Vegas, fewer contingencies often make your offer stronger.
Getting Your Home Ready to Sell While Buying
Getting your home staged, cleaned, and ready to sell can be hard when you are still living there. Here’s what to do before you sell:
- Start Decluttering Now: Begin packing things you don’t use anymore weeks before you list your home.
- Plan Showings Smartly: Have showings when you are at work or kids are at school to make it less disruptive.
- Get a Stager: Hire a professional stager who knows what buyers in Las Vegas like.
A home that looks good often gets more offers, sells faster, and helps you when you are negotiating.
The Feelings of Selling and Buying at the Same Time
No list can really show how stressful moving can be. Zillow says that 39% of buyers say timing the move is the most stressful part (Zillow, 2022). Things that cause stress include:
- Getting family schedules to work
- Dealing with paperwork and deadlines
- Worrying about money
- Handling unexpected problems or deals falling apart
Working with a real estate expert like Steve Hawks can make this tough process easier. Your agent is there to help you, guide you, and make things clearer when you feel stressed.
How a Real Estate Expert in Las Vegas Helps
The Las Vegas housing market is not just fast—it’s very competitive. Buyers often come for just a day to look at homes, and investors make offers with cash. Here’s what you get when you work with a local agent who knows the market well:
- Market Timing Help: They can help you decide the best time to list your home and make an offer.
- Reliable Team: They have people they trust like lenders, contractors, inspectors, and movers.
- Contract Skills: They know how to write strong contracts that protect you.
- Negotiation Skills: They are good at managing different timelines, rent-back agreements, and other details.
Steve Hawks is a top agent. He knows the Las Vegas market and has lots of experience with home sales.
Common Mistakes When Selling and Buying at the Same Time (And How Not to Make Them)
Even smart homeowners make mistakes. Here’s what to avoid:
- Not Counting All Costs: Remember to include costs like two mortgage payments, utilities, moving, storage, staging, and agent fees.
- Bad Timing: Not thinking about how long it takes to sell a home or possible closing delays can mess up your plan.
- Buying Too Much: Don’t assume your current home will sell right away or for more than you expect.
- Weak Contingencies: If your contract clauses are not written well or you leave some out, it can cause legal and money problems.
- Doing It Yourself: Trying to do it all alone in a market that changes quickly is risky. Get help from a professional.
Client Story: A Real Move in Las Vegas
Meet Linda, who lived in Henderson and sold her townhouse to buy a bigger home for her family. She worked with Steve Hawks’ team and they:
- Listed her townhouse with great staging and professional photos.
- Used a bridge loan for the down payment on her new home.
- Got a rent-back agreement for 30 days so she didn’t have to move twice.
What happened? Both sales closed within two days of each other. She didn’t have to stay in a hotel, move twice, or have money problems.
Last Checklist for Selling and Buying at the Same Time
✅ Get approved for a mortgage
✅ Look at the local housing market
✅ Hire a real estate agent who knows the area
✅ Declutter and get your current home ready
✅ Apply for a bridge loan or HELOC if you need one
✅ Put good contingencies in your contracts
✅ Have backup housing plans
If you plan well and get professional help, selling one house and buying another at the same time can work out well. It can be a good way to get a better home in a way that is controlled and makes sense financially. Ready to make a move in Las Vegas? Talk to Steve Hawks today for expert help with every step of your real estate move.
Citations
- National Association of REALTORS®. (2023). Profile of Home Buyers and Sellers 2023. Retrieved from https://www.nar.realtor
- Zillow Research. (2022). Zillow Consumer Housing Trends Report 2022. Retrieved from https://www.zillow.com/research/