Three questions to ask when deciding whether to buy or sell first.
“Should you sell your home before buying another?” I get this question from many sellers, and in today’s real estate market, low inventory and high demand are dominating the conversation. It’s easy to sell, but it’s much harder to buy. Many homeowners are in a position where they need to complete both transactions in a short period. Deciding which one to complete first comes down to several factors:
1. Can you afford two mortgages? If possible, most people choose the buy first, then sell option. However, qualifying for two mortgages at once is difficult and can add a lot of stress to your situation. If you can carry both payments for a few months, you’ll have plenty of time to find a new home while also preparing your current property to sell for top dollar.
“If you work with me, you have options. ”
2. Do you want to move twice? Most people don’t, but for some, it works out well. If you need the money from your home sale to fund your subsequent purchase, you may have to find temporary housing while you search for your next property. This also gives you plenty of time to relax and shop for a new house at your leisure.
3. Do you need to sell before buying? My team can sell your home and negotiate a long-term leaseback. This way, you can stay in your home for up to five months, giving you plenty of time to find your dream house. You could also use a home of choice contingency, which lets you back out of a contract if you can’t find a new place within a certain amount of time. Either way, if you work with me, you have options.
If you have questions about which option is best for you or anything else, please call or email me. I am always willing to help!
