No, you cannot homestead two homes as an individual if one is for sale. The "homestead exemption" is a statutory schem utilized by all states in this country to protect homeowners from creditors by exempting up to a certain amount in equity of their primary residence from a levy and sale.The scheme arose as an attempt to keep homeowners from being displaced. The exemption applies only to one's primary residence. An individual can only have one (1) primary residence.In your situation, if the home for sale is homesteaded, you might want to wait until it is sold before you transfer the exemption to your other parcel. Or, you can transfer it now.Good question.