I see a recurring theme happening over and over, especially in this past year. I meet a new client who definitely wants to move to a new house, usually a bigger, more expensive one. The problem is, they usually need to sell their present home, in order to have the funds to purchase the new one.
If you don't have a LOT of equity in your present house, say less than 30%, that IS most likely, a necessity.
But what if you DO have a lot of equity, say 40%, or more? Then, you definitely have options.
One scenario is that you borrow enough funds from your equity, to come up with your down payment and closing costs, for your next house. Your new home's lender just wants to be comfortable that you'll be able to carry both mortgages, for a short time, before you either sell the old home, OR, lease it. ( Thereby covering your payments.)
Of course, if you not only have equity, but also a nice wad of cash, you can make both YOU and your lender feel comfortable with your long term liquidity.
In many cases, the next home has some things you'll need to do, before you move in, so an ideal situation is to have enough cash and equity to not only make your down payment and closing costs, but to have the funds to make those changes, and then move in.
Once you've made your move, THEN, put the old place up for sale, or for lease, or both. I successfully oversee such transactions on a regular basis.
While this isn't a great time to be selling, it IS an excellent time to buy. Using the last scenario I described, you could be in your next home for the Holidays, then put the old house on the market in the much better early Spring.
Want to explore such options? Give me a call, and let's get together to brainstorm your potential choices.