Boasting an exceptional quality of life and a plethora of fine dining and shopping options, Burlingame is one of the best places to live in San Mateo County. Fondly referred to as the “City of Trees,” this San Francisco suburb offers an attractive mix of small-town living and big-city amenities. Burlingame has top rated public schools for elementary, middle and high school.
If you love living in San Mateo County but are looking for another residence to accommodate your evolving lifestyle, you may be wondering how to handle buying and selling real estate simultaneously. San Mateo County’s real estate is a competitive market favoring the sellers. Although this is a favorable situation for homeowners of Burlingame real estate, it may prove to be challenging for those looking to buy.
Buying or selling: Which comes first?
The real estate inventory is low in San Mateo County, and Burlingame is no exception. As of August 2023, Burlingame homes for sale stayed on the market for a median number of 16 days, demonstrating how competitive the market is. With most Burlingame homes for sale receiving multiple offers, it will likely take longer for a buyer to find the right home than for a seller to find a buyer with a winning bid.
There are 3 key strategies you can take advantage of to manage both the buying and selling within a short timeframe.
Option 1: Buying a new property before selling with financing options
Many lenders are now putting together packages to help sellers buy first without selling. We work with many exceptional lenders, and we are happy to refer you. Two options clients use frequently are bridge loans or the departure residence program.
Option 2: Selling first with a rent-back to stay after the close of escrow
If you think you would be the type of buyer that would be up in the middle of the night worried about carrying two mortgages at the same time, then selling first is ideal for you. This would be getting into contract on your current home with a longer escrow and/or requesting a rent back. A rent back can be free or associated with the new buyers cost of ownership. The current seller rents back (hence the terminology) from their buyer after the close of escrow.
Option 3: Sell first & move into a short term rental
We work with a few local companies, our current favorite is theblueground.com, to place our sellers into furnished, local, short term rentals while they sell and find their next property. If you have young kids or work from home, this can be extra appealing.
No matter what you decide, leaning into the expertise of a top local realtor is of the utmost importance. As top agents in San Mateo County with 18 years experience, we can help guide you and make this transition as easy and seamless as possible.
It's important to note that the process can be more intricate and may involve legal, financial, and logistical challenges. Working closely with experienced professionals, such as real estate agents, attorneys, accountants, and mortgage lenders, can greatly assist you in navigating the complexities of simultaneous buying and selling.
Ready to enter the Burlingame real estate market?
If you’re ready to start the buying and selling process, partner with the experts at the Sternsmith Group. With over $1 billion in sales and 18 years of experience in the luxury real estate market, they can help you navigate the buying and selling process with ease. Reach out today to get started.
