If you’re a homeowner in the Edmonds, Mountlake Terrace, or Lynnwood area thinking about moving, you’re not alone. Many people are trying to figure out how to buy a new home while still owning their current one — especially with today’s mortgage rates and low housing inventory. The good news is, there are several smart strategies that can help you make your next move a reality.

Here are your options:

Use a Home Sale Contingency

One option is to include a home sale contingency in your offer. This means your purchase is dependent on successfully selling your current home first. It can protect you from carrying two mortgages at once. However, in competitive housing markets like Edmonds and Mountlake Terrace and Lynnwood, sellers often prefer non-contingent offers. Working with a local real estate expert like myself with experience in this can help you position your offer strategically while minimizing risk.

Explore a Bridge Loan

Another option is a bridge loan, which gives you temporary financing to cover the gap between buying your new home and selling your current one. Bridge loans are popular with homeowners who have built up strong equity and are confident their existing home will sell quickly. Just be aware that these loans usually come with higher interest rates and fees, so it’s important to weigh the pros and cons carefully.

Tap Into Your Home Equity

If you’ve owned your home for a few years, chances are you’ve built up significant home equity, especially here in Lynnwood and Mountlake Terrace and Edmonds areas. You might consider using a home equity line of credit (HELOC) or a home equity loan to fund the down payment on your next home. This approach can give you flexibility to buy without rushing to sell — a major advantage in today’s market.

Turn Your Current Home Into a Rental

Another creative strategy is to turn your existing home into a rental property. The Seattle area has strong rental demand, and renting out your current property could help cover your mortgage while you move into your next home. Becoming a landlord isn’t for everyone, but it could be a smart long-term investment if you plan carefully.

Thinking About Your Next Move?

If you’re considering buying and selling at the same time, understanding all your options is key. Every situation is different, and local market conditions in South Snohomish County and North King County can make a big impact on the best path forward.

Thinking about your next steps? I’d love to help you create a customized strategy that fits your goals. Reach out today to get started!