Should You Sell Your Current Home Before Buying A New One?

Ah, the age-old question of what to do first. Many are at a loss when it comes to making the decision to as to what order you should complete the real estate transaction in. Should you sell your current home before buying a new one or vice versa?

 

There are many ways to look at this and quite often it’s a real estate catch-22, but there is a solution that we believe poses the most benefits to our clients. Here’s how we would approach the situation.

 

Gain Market Experience:

Let’s get out there and actively begin viewing homes in your price range. This will give you an idea of what’s on the market in your desired locations. Once you’re comfortable and confident with the options on the market and know that it’s the right time for you to move, we’ll begin working to get your home sold. The reasoning for this is that most seller’s don’t like to entertain offers that have conditions regarding the sale of the buyers home, as it puts them in at risk of their sale not going through and can jeopardize their subsequent real estate transactions.

 

Selling Your Home For Top Dollar:

Before we start making offers on your future home, we’ll put all of our energy into getting your home on the market and sold for top dollar. Plus, when entertaining offers, we’ll aim to get the longest closing date we can so that you have time to find your next home.

 

This approach is of huge benefit to you as the seller, since you now know exactly how much you have to spend on your next home. And, you aren’t rushing to sell your current home so you won’t find yourself in a position to take the first offer that comes across the table.

 

The What Ifs:

In real estate, we always hope for the best and prepare for the worst. It’s always good to have contingency plans in mind in the event that things don’t work out as you’d hoped.

 

If you chose to buy your next home before selling your current, it’s a good idea to look into bridge financing to ensure that you can carry both mortgages while you wait for the sale of your home.

 

If you’re selling first, it’s a great idea to set a plan just in case you’re not finding a suitable option on the market. This can include securing your belongings in a storage unit while you stay with family or in a hotel (depending on the overlap). We can also help you look into short-term rentals to bridge the gap between your home closing and finding the next property of your dreams.

 

Buying and selling always go smoother when you have an experienced agent on your side. Ready to sell your current home and upgrade to your next? Let’s work together – you can leave all the heavy lifting to us.