To Buy or Sell First?
Buying or selling first is a common dilemma for many homeowners. There are many ways on how to sell one home and buy another. That choice depends on many factors including your personal situation, how flexible your timeline is, and market conditions.
Buy First
If it's a seller's market, it is best to need to buy first. Buyers can put in offers making it contingent on the sale of their current home.
Inventory is tight and already having a place to "land" after selling your home can keep your mind at ease. This can also help by not having to make multiple moves (i.e. needing a short-term rental while you going into active sale in your new home).
Tip for making a "Buy First" strategy easier: Have your Realtor be ready to list your current home as soon as you find your dream home. A seller may feel better about a deal contingent on your home sale if they know that the home already has professional photos taken and an MLS listing written up.
Sell First
If it's a buyer's market, you need to sell first. Buying a home first can be advantageous, especially if it is your dream home. In order to get the property you want, you will probably have to leverage the equity in your existing home, or at least have an established target sale date. If you already have the sale of your current house complete, you can easily leverage that equity for your new place.
Tip for making a "Sell First" strategy easier: Have your Realtor line up a furnished rental for you. This way you can move everything into storage and take your time finding your dream home!
To make the right choice, you need to consider many factors. Don’t worry. I’m here to help you. Please feel free to contact me with any questions.
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