Chicken or the egg. Buy first or sell first.
This is a tricky question that comes up a lot when speaking with sellers. Before I get your hopes up that there is a one size fits all answer...there isn't. It really is unique to every client.
There are a few things to consider first. One being the current market conditions. Are you in a buyer, balanced or seller market? And the first questions would really be, can you buy before selling financially?
First thing to do would be to consider the market. If it is a really hot market and you are very confident that your home will sell quickly, then you may need to line up your next home before selling. If you are in a buyers market, if you buy a house before you sell, you run the risk of holding on to two mortgages for an unknown time period and possibly having to discount your home in order to sell.
Pros of Buying first
If you are in a position to be able to buy your home first, you then have more time to look at homes on the market and find the right one for you. Maybe you can negotiate a favorable deal that will help you be able to be more competitive when selling your house. This is the ideal situation, but not always feasible.
Pros of Selling first
You can list your home and see how the market dictates your sale. It might be quick or it might take many months and multiple attempts to sell. Depending on the market, you might go through more than one offer depending on the strength of the market and the buyers. But, once you have sold your home you know what you are dealing with financially. You could negotiate a favorable possession date that works with your timeline to find a new home.
Like I said, it really is different for each individual. If you are curious which one is best for you, let's chat!
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