Selling your home & then buying---what are your options?

You basically have four options & we will need to determine the best course of action for you:
1) Find a home that you like & try to get an offer accepted with a contingency to sell your home. This is extremely challenging as most offers that are getting accepted are those that have the LEAST number of contingencies. It's not impossible but it's definitely very challenging.

2) Get your home under contract & find a buyer that is willing to wait to close until you find a home. The challenge with this scenario is that as interest rates continue to go up buyers are only able to lock in rates for a limited amount of time & so the buyer will likely want to have a set amount of time in place rather than open ended. For example, they may say they will wait as long as 60-90 days but no longer than that. If you haven't found a house by then the buyer may decide to back out of the contract & then we have to start over. Also, even if you have a contract in place for a buyer you'll still have to have the contingency in place in order to buy a home---so just like option number 1, it's going to be challenging to get an offer accepted.

3) Close on your home as quickly as possible with a Leaseback Option so that you can stay in your house after the closing for a set amount of time to find a home. The challenge with this option is that while many buyers prefer this option they will give you a set amount of time to find suitable housing. Meaning you would close on your home in 30-45 days & the buyer would allow you to stay in the house 60-90 days max in order to find & close on another property. The bonus with this option is that you have a much higher likelihood of being able to get an offer accepted on your new home because you won't have to include a contingency to sell your current home in your offer. But it will mean that the clock is ticking to find your next home & with limited inventory that can be a challenge. It's going to come down to your budget, expectations, ability to move quickly, & the contingencies that you are willing to eliminate from your offer. 

4) Close on your property as quickly as possible & find a short term rental like Air BnB or seasonal rental. The challenge with this is that rentals are also difficult to find & expensive! The average one bedroom apartment in Providence is now $1800, rents have gone up in some areas by 30-40% & it's expected that they will continue to rise.