Determining whether to buy first or sell first is a question I get asked all the time. Deciding to sell your home first or waiting until you have bought another home can be a tough decision. Your personal situation as well as the condition of the local housing market will determine which option is best for you.
If you put your home on the market first, you may have to scramble to find another one before settlement, which could rush you into buying a home that does not meet all your requirements. Also, if you cannot find another home, you may need to move twice, temporarily staying with relatives or in a hotel.
The advantage of selling your existing home first is that it maximizes your negotiating position because you are under no pressure to sell quickly. It also eliminates the need to carry two mortgages at once.
On the other hand, if you make an offer to buy another home before you sell your existing one, you may be tempted to sell quickly, even at a lower price.
The advantage of buying first is you can shop carefully for the right home and feel comfortable with your decision before putting the existing home on the market.
I would be more than happy to discuss the pros and cons of each with you to determine whether certain contingencies written into the contract can ease some of the pressures. Contact me today for more information or to set up a consultation.
