So, you want to sell your apartment and buy another one. Well, there will be plenty of demand for your home because of today’s strong seller’s market. But that same strong market can work against you when you’re out shopping and have to compete with everyone else who wants to buy.
"Anyone can put a property on the market and sell it," says Kay Brover, executive vice president of Douglas Elliman, a residential real estate brokerage firm in Manhattan, "which means then you’re suddenly cast out into New York City with a fear of not having a home."
But hold tight. If you’re simultaneously buying and selling, you’re not necessarily doomed. With some preparation, patience and professional guidance, you should sail through a fairly smooth transition.
The First Step
Before you even start shopping, you need to determine what you can afford. Most likely, you’ll need the proceeds from your old home in order to buy a new one.