I was involved in a similar situation recently.

I bought the new place before listing the old place. I used my equity and credit to finance the deal, and got an agreement for a free reammortization of the loan once I had all of my equity out of the old property. Reammortization lets you pay additional equity into the property to lower the payments (a type of refinancing), but deciding to do so depends on need, interest rates and a host of other things.

Having both places at the same time made moving my machine shop and other equipment easier, too, because I could work at my pace and each item had a new location rather than having the whole mess dumped on the new place and working for months to get everyting sorted out.

I listed the old place a couple of weeks ago and I have had a lot of traffic already. I priced my property at $449K but there are two neighbors around that have theirs priced at $800K and $1.2M respectively. The $800K place has a slightly better view, but it is not worth 300K more. The $1.2M place sold in bankruptcy court for $500K only two years ago and the new owners "fixed it up." I do not think that they put even $300K in improvements. Both of these other properties have been on the market for months because the owners want top dollar and are being unrealistic.

People looking at my place think that they are getting a bargain because there are so many high priced listings nearby. The price for my house was established by the sale prices of other similar houses. That price was consistent with improvements that I had made on the land.

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