Buying before selling – When buying first, homeowners are less rushed to find the right home, so they can spend time making sure the new house fits as many of their needs as possible. This can reduce the pressure of having to meet a deadline to find your new home after your current home has sold. Although buying first has some advantages, this situation isn’t financially feasible for everyone. There may be a possibility to add a sale of home condition to the offer; however, competing offers without that condition will likely be more desirable.
Selling before buying – It puts you in a stronger position when buying. The seller you want to buy from generally prefers a buyer who has the cash in the bank (and/ or a pre-approved mortgage) rather than enter a chain, where their sale is dependent upon you finding someone to buy your house. You will also know exactly how much you can spend as you’ll have the money from your sale readily available. However, if you sell first, expecting to be able to buy quickly after, you may not be able to find exactly what you were hoping for in a home, and instead may have to rent for a period of time, which can prove very costly. Keeping an eye on the market, and determining your needs, wants, and goals with your next home should definitely be kept top of mind!
We will guide you through your unique situation and help determine whether buying first or selling first is the right decision for you.
TheSullivanTeamRemax@gmail.com or 905.639.7676