More affordable property prices have enticed investors and first-time home buyers into the real estate market. “Move-up” buyers however have had mixed reviews. “Move-up” buyers are those buyers who already own property but now have the opportunity to upgrade to a home that may be larger or more suitable to their specific needs. These buyers can be condo owners, who would prefer a single family home, or those who already own a single family home but would prefer a larger home, a home in a more desirable neighbourhood, or a home where they can receive income from an additional apartment.Chances are these options were not available to these buyers at the time of their original purchase due to either budget constraints or a lack of available inventory. If you fall within this category it is important to note that this has changed in recent years. Inventory has increased and property prices have decreased meaning that what you may not have been able to afford or find before is now within your reach. So what’s stopping you?In most cases many of these potential buyers do not have the cash or equity available to purchase another property while still holding on to their current home, meaning, that they’ll have to sell their home in order to buy another. This one fact stops many “move-up” buyers from taking the plunge. Just the thought of coordinating two sales transactions at the same time, particularly in a market where property is not selling as fast as it once did, creates a certain level of anxiety and uncertainty that many would rather avoid. Granted, coordinating two sales at once can present its challenges but the good news is, it is not impossible. Below is a step-by-step guide to assist you through the selling to buying process.Step 1: Educate yourself about the market.The first step would be to begin educating yourself on the current status of the real estate market. The best way to do this is to align yourself with one real estate professional, who is knowledgeable and you trust to provide you with the accurate information. Understanding the market is a key component when selling one property to buy another as you will be in the unique position of operating as both buyer and seller. You will need to be keenly aware of what to expect in both positions as well as the appropriate steps to take and when.The first question you will need answered as both buyer and seller is, ‘What is the value of your current home?’ Using access to current market data your real estate agent will be able to view and assess the value of your home and provide you a realistic idea of what it will sell for in the current market. It is important at this stage not to be alarmed if the value for your home is less than what you paid for it. It may be a hard pill to swallow at first, but what you must remember is that where there are perceived losses there are realised gains when you purchase your new home.Using the information provided to you regarding the value of your home you will then be able to speak with a loan officer regarding what price range you will be in for your new purchase. You will want to get preapproved, complete with a pre-approval letter specifying the amount your lending institution will be willing to lend you upon the sale of your current home. Armed with your pre-approval and a sound idea of what your money can afford you, you will confidently be able to proceed to the next stage.Step 2: List your property for sale.In a market where properties are on the market longer than they once were, it is important to list your current home for sale before you actively begin your search for a new home. In listing your home there are a few key components that your real estate agent should discuss with you: Firstly, the importance of pricing your home competitively and secondly, the steps that you should take to ensure that your home outshines any other home on the market that is in the same price range.To ensure that your home is priced competitively be sure to request that your real estate agent complete and provide you with a Comparative Market Analysis. This Comparative Market Analysis will compare your current home, using its size, location and condition, with similar properties that have recently sold as well as with those that are presently on the market. Knowing what similar properties have sold for in the last few months is a key indication of what buyers will be willing to pay for your property. Pricing competitively from the start will entice buyers early on and will increase the likelihood that your home will not sit on the market. There’s always a ready pool of buyers who have been watching the market and know a well-priced property when they see it.Next is making sure that your current home is always ready to show. This is important in ensuring that your property outshines the competition. Whenever a potential buyer visits your home it should look better than any other property in the price range. That doesn’t have to mean spending a lot of money either. A little sweat equity and a willingness to maintain a show-ready home will go a long way. Keep the counters and sinks clean, de-clutter and tidy up the closets. Keep the place free of odours and the lawn trimmed. Make it as beautiful as you can on your budget. You will also want to be sure that your real estate agent is able to market your home in the best way possible utilising all available resources such as the internet and personal promotion.Step 3: Begin the search for your dream home.Once you have listed your home and, hopefully, begun to receive interest it is now time to begin the search for your new home. By this stage your agent should have already received from you a list of your specific needs and desires for your new home and been able to provide you with an idea of what is available to you in the price range that your pre-approval letter allows. As you actively search for your new home it is important not to get too attached to a property until your current home receives the necessary interest that produces an offer that you feel comfortable accepting.Once you have a contract on your existing home and have found another you’d like to buy, good communication between all parties is essential to timing the transactions, allowing for a seamless move from one to another. But it’s not the end of the world if you don’t find a new home in time. In this instance it is entirely acceptable to inquire if your buyers would be willing to accept a delayed closing of anywhere between 60-90 days, allowing you to continue your home search. If that is not an option it may be worth considering renting or temporarily placing your items in storage and living with a family member.Should the opposite occur, where your current home has not sold and you have found a property you’d like to buy, discuss with your agent the possibility of making an offer that is contingent upon the sale of your current home. In a market where properties are not selling as fast as they once did you may find a seller who is willing to accept an offer on these terms, allowing you to actively continue marketing your current home for sale.Cratonia Smith is a sales associate with Coldwell Banker Bermuda Realty.