Moving up to my next home
How do I buy and sell without getting stuck in between?
What's my current home worth, and what will I walk away with?
Moving up starts with two numbers: what your home will sell for in the next 60 days, and what's left after you pay off the loan, the commission and closing costs. A comparative market analysis (CMA) gives you the first; subtracting 6–10% of the price plus your payoff gives you the second. That net is your down payment on the next home.
You'll probably be surprised in one direction or the other. Renovations rarely add what they cost, and equity you haven't looked at in years is often more than you think.
- How long
- Most people spend about a week here.
How to: Have a CMA for my home
Get a CMA from an agent who sells in your neighborhood, not an online estimate
How to: Know my payoff amount
Pull your mortgage payoff amount from your last statement
How to: Calculated my net after selling costs
Subtract selling costs (6–10% of the price) and the payoff to get your net
How to: Know what my net needs to cover
Decide what that net needs to do: down payment, cushion, or both
How to: Wrote my must-haves for the next home
Write down what the next home has to have that this one doesn't
Go deeper
- Pricing from memory of what you paid plus the kitchen you redid. Buyers pay for comparables, not your receipts.
- Forgetting the selling costs. Commission, closing and moving can take 8–10% before you see a dollar.
- Skipping the payoff check. A home equity line or second mortgage comes off the top too.
From the Thrive team
- Get CMAs from two agents and compare their reasoning, not just their number. The one who explains the comps is the one to trust.
Should I sell first or buy first?
Should I sell first or buy first?
Sell first if you need the equity for the down payment; you'll know your number and can negotiate a rent-back to stay a few weeks. Buy first only if you can carry two payments for a few months, or use a bridge loan. A contingent offer (buy, conditional on your sale) is the middle road and works better in a slower market than a hot one.
This is the decision people agonize over. Once you run the two-mortgage math honestly, it usually makes itself.
- How long
- Most people spend about a week here.
How to: Know which way the market leans
Ask your agent whether it's a buyer's or seller's market right now
How to: Ran the two-mortgage math
Run the honest math on carrying two payments for three months
How to: Asked about bridge financing
Ask a lender about a bridge loan or a home equity line as a backup
How to: Chose my sequence
Decide: sell first, buy first, or contingent
How to: Have a backward timeline
Build the timeline backward from your must-move date
Go deeper
- Assuming you can time both closings perfectly without a plan. Rent-backs and bridge loans exist because nobody can.
- Buying first on hope. If the current home sits, you're paying two mortgages and negotiating from weakness.
- Ignoring that a contingent offer is weaker in a hot market. Sellers with options take the clean one.
From the Thrive team
- In a seller's market, buying first can work because your current home moves fast. In a buyer's market, sell first.
How much can I borrow while I still own this one?
How much can I borrow while I still own this one?
Your lender counts your current mortgage in your debt-to-income ratio until it's sold, so the pre-approval may look smaller than you expect. Tell the lender your sequencing plan up front: they can write the approval assuming the sale closes first, or structure a bridge. Honesty here saves a re-approval later.
Same paperwork as the first time: pay stubs, tax returns, statements, plus your current mortgage statement and the CMA.
- How long
- Most people spend about 5 days here.
How to: Told my lender about my current mortgage and plan
Tell the lender you still own a home and how you plan to sequence it
How to: Have my pre-approval
Get pre-approved for the next home with the current payment counted
How to: Know how the number changes after my sale
Ask how the approval changes once your home is under contract
How to: Compared two lenders
Compare two lenders on the full offer, not just the rate
How to: Know my rate-lock plan
Lock the rate when you're within the window that makes sense
Go deeper
- Hiding the current mortgage until underwriting. They find it, and the approval gets redone under pressure.
- Assuming your pre-approval already assumes the sale. Ask which scenario it's based on.
- Skipping the bridge-loan terms. Some have short deadlines and penalties if the home doesn't sell in time.
From the Thrive team
- Ask specifically about a home-sale contingency in your purchase offer and whether the lender's approval supports it.
- Mortgage Pre-Approval vs. Pre-Qualification: Why the Difference Matters8 min read
- How to Compare Mortgage Offers Like a Pro9 min read
- Bridge Loans and Buying Before You Sell8 min read
- Conventional Loans: What Qualifies and What to Expect9 min read
- Fixed-Rate vs. Adjustable-Rate Mortgages: Which Is Right for You?8 min read
What should I look for this time that I missed last time?
What should I look for this time that I missed last time?
You've done this before, which is the advantage: you know which compromises you regretted. Write those down before you tour anything. Then look for the things the next ten years need, not just the next two: a home office, a first-floor bedroom, a yard you'll actually use, a commute that holds up at 5 p.m.
Shopping with equity feels like shopping with a bigger wallet. The temptation is to reach. The families who feel good five years later are the ones who left room in the budget.
- How long
- Most people spend about a month here.
How to: Wrote my regrets and my non-negotiables
List what you regretted about this home and what you'd never give up
How to: Set a search range with room in it
Set a search range below your maximum, not at it
How to: Toured with the ten-year lens
Tour with an eye for what you couldn't change last time: lot, light, layout, location
How to: Know my top two or three homes
Consider the next ten years: kids, parents, working from home
How to: Current home is show-ready
Keep your current home show-ready while you look
Go deeper
- Falling for a home before yours is under contract when you're selling first. Keep the emotion in check until the sequence allows it.
- Spending to the top of the approval because the equity is there. The payment lives with you every month.
- Repeating the last compromise. If the commute wore you down, don't buy the commute again.
From the Thrive team
- Use what you learned: you already know how a house feels at month six. Trust that over the staging.
- Single-Family Home vs. Condo vs. Townhouse: The Complete Comparison9 min read
- How Interest Rates Affect Home Prices and Your Buying Power8 min read
- Home Inspections: What They Check, What They Miss, and Red Flags to Watch For20 min read
- Multigenerational Homes: Buying for Extended Family Living8 min read
How do I keep two deals from tripping over each other?
How do I keep two deals from tripping over each other?
Two contracts means two inspection windows, two appraisals, two closing dates and one move. One master calendar with every deadline from both contracts is the whole trick. Your agent coordinates both sides, but the dates are yours to know.
It's the most intense stretch of the move. It's also temporary, and a good agent has done it many times.
- How long
- Most people spend about a month here.
How to: One calendar with both contracts' deadlines
Put every deadline from both contracts on one calendar
How to: Sale under contract
Negotiate the sale with urgency and the purchase with the right contingencies
How to: Purchase under contract with the right contingencies
Handle inspections and repairs on both homes without letting one stall the other
How to: Both inspections handled
Keep both lenders and both agents in the same loop
How to: Movers and a gap plan booked
Line up movers and a fallback (short rent-back or storage) for any gap
Go deeper
- Closing the sale before the purchase is solid. It hands the seller of your next home all the leverage.
- Assuming everyone else is tracking the dates. Missing one inspection deadline can unwind the other deal.
- Underestimating the move itself. Two closings in one week is a logistics project, not a weekend.
From the Thrive team
- Over-communicate with your agent and both lenders. Clarity prevents the errors that cascade.
How do I close both, and when do I move?
How do I close both, and when do I move?
Ideally the sale closes in the morning and the purchase in the afternoon, with the same closing attorney if you can arrange it, so the money and the keys move in the right order. In Georgia an attorney conducts each closing. If the dates can't line up, a short rent-back on the home you're selling buys the gap.
Two settlement statements, two walkthroughs, one long day. Then it's done.
- How long
- Most people spend about a week here.
How to: Reviewed both closing statements
Review both settlement statements before closing day
How to: Walkthrough done on the new home
Do the final walkthrough on the home you're buying
How to: Wire confirmed by phone
Confirm wire instructions by phone before sending anything
How to: Closing order and possession confirmed
Coordinate closing times and possession on both contracts
How to: Movers booked
Book movers for the day of or the day after, with a fallback
Go deeper
- Scheduling the closings days apart without a place to be. That gap is either a hotel or a storage unit.
- Wiring on emailed instructions. Closings are the favorite target of wire fraud; call a number you already have.
- Skipping the walkthrough because you're exhausted. It's still your last chance to check that promised repairs were done.
From the Thrive team
- Ask whether one closing attorney can handle both sides. It removes most of the timing risk.
That's the whole path.
Keep it, and come back any time. If something here doesn't fit your situation, ask one of us.
Questions you'll probably have
Questions about your situation?
Elliott or Ashley will answer, usually within one business day. No pressure, no pitch.
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