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Sell Your Home First and Buy Later or Buy First and Sell Later?

buy1When you’re making the decision of selling your home and buying another, you are faced the unavoidable question. Should I list my property first or buy my new home first?

Let’s take a look at the pros and cons of both of these options.

If you attempt to buy your new home before listing your current home, you will run into a couple of challenges.

First, you may be not taken seriously as a potential buyer by sellers. After all, you have not put your own home up for sale. They may just think that you are buy3merely testing the market.

Second, your home may not sell as quickly as you thought that it would. If you have an early closing date on the new home you purchased, you may end up owning, and paying a mortgages on both properties. That is at least until your old home sells.

Now on the other hand and  you list your home before buying a new home, the sellers will know you’re serious. That will put you in a competitive position if there are multiple offers on the home you’re interested in.

If your home does sells quickly, you will have the peace of mind of knowing exactly how much you can afford for your new house. You will be able to shop for a new home with confidence.

Now like the first option there is the chance that the closing dates won’t match and you end up owning two properties for a period of time. There are however some solutions such as bridge financing that are available to help you in these situations.

The bottom line is that there is no perfect answer. A lot depends on the local real estate market.

moo thorpe headshotWhether you are buying a new home, or selling your home, I can help you with your endeavor. Please contact me at 505.780.0310, or email me at moo@moothorpe.com and I will be happy to assist you.

 

 

 

 

 

 

 

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