Should you SELL first or BUY first?
𝐓𝐨 𝐛𝐮𝐲 𝐨𝐫 𝐭𝐨 𝐬𝐞𝐥𝐥 𝐟𝐢𝐫𝐬𝐭? That is the question. At least it’s one of the questions we get asked most often when we meet with Buyers & Sellers. Unfortunately, there isn’t a one-size-fits-all answer. Here’s a look at the pros and cons of each strategy.
𝘙𝘦𝘢𝘴𝘰𝘯𝘴 𝘵𝘰 𝘉𝘶𝘺 𝘉𝘦𝘧𝘰𝘳𝘦 𝘚𝘦𝘭𝘭𝘪𝘯𝘨
Property Selection In a market with tight supply, hot properties sell quickly.
Comfort with Interest Rates Mortgage
Time for Renovations
𝘙𝘦𝘢𝘴𝘰𝘯𝘴 𝘵𝘰 𝘚𝘦𝘭𝘭 𝘉𝘦𝘧𝘰𝘳𝘦 𝘉𝘶𝘺𝘪𝘯𝘨
Know Exactly How Much $$ you Have to Spend.
Avoid the Stress and Costs of Your House Not Selling
Avoid Bridge Financing Costs
Here are some 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 to ask yourself when deciding whether to buy or sell first:
1. Where will you live if you sell first?
2. What will you do with your stuff if you don’t close on your sale and your new purchase on the same day?
3. Where will you put your money?
4. Will you encounter any mortgage penalties?
5. What is your worst-case scenario?
6. How much uncertainty can you emotionally handle?
7. What is happening in the markets you are buying and selling in?
𝐈𝐧 𝐚𝐧 𝐢𝐝𝐞𝐚𝐥 𝐰𝐨𝐫𝐥𝐝, we’d all sell in a hot market and buy in a lower market, but rarely does it ever play out that way. 𝘔𝘦𝘴𝘴𝘢𝘨𝘦 𝘶𝘴 𝘧𝘰𝘳 𝘮𝘢𝘳𝘬𝘦𝘵 𝘴𝘵𝘢𝘵𝘪𝘴𝘵𝘪𝘤𝘴 𝘪𝘯 𝘺𝘰𝘶𝘳 𝘢𝘳𝘦𝘢.
So, should you buy or sell first?
If you’re moving from a less hot market to a hotter real estate market, you probably want to sell first.
If you’re moving from a red-hot market to a more stagnant market, then buying first might make more sense.
If you’re more concerned with buying the right new home than selling your current home for maximum $ in a short time period, buy first.
If maximizing the sale of your current home is your #1 priority, sell first.
So what’s the right thing to do? Should buy or sell first? 𝘐𝘵 𝘳𝘦𝘢𝘭𝘭𝘺 𝘥𝘦𝘱𝘦𝘯𝘥𝘴 𝘰𝘯 𝘺𝘰𝘶𝘳 𝘪𝘯𝘥𝘪𝘷𝘪𝘥𝘶𝘢𝘭 𝘴𝘪𝘵𝘶𝘢𝘵𝘪𝘰𝘯 𝘢𝘯𝘥 𝘵𝘰𝘭𝘦𝘳𝘢𝘯𝘤𝘦 𝘧𝘰𝘳 𝘳𝘪𝘴𝘬. If you’re thinking of buying & selling, we’d be happy to talk through your options & help you decide if you should buy or sell first! Contact us [email protected]