How Soon After We Put Our House On The Market Should We Start Looking For A New Home?

Well, that depends on a number of factors.  If your current home is owned outright, and you’re not making payments on it, then you can look for your next home at your leisure.  In this case, I would advise you to find your new home and move into it, then fix up the old home and offer it for sale vacant.  This increases the ease of marketing it since agents and prospective buyers can inspect it at any time without fear of disturbing a family.  Without furniture, the rooms will look larger and lighter and buyers can easily visualize their own belongings in them.

If, on the other hand, you are making a payment on your present home, you should be careful not to become financially burdened by having two payments.  The best plan is to have the old home sold before you make an offer on another one. 

However, if you absolutely fall in love with another home and simply have to have it, or if it’s a tight market with lower than usual home inventories, you might be able to negotiate a “bridge loan” or “swing loan” to cover your interim expenses.   This is a temporary loan made to allow you to buy your next home while your existing home is on the market.  This sometimes requires more equity in either homes, or a stronger financial position, but many homeowners opt for this route.  Often the security for the loan can be attained through the equity from either your old or new home, or both. 

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