So you are thinking of selling your home and buying a new one! There are a few things you need to know and decide upon before proceeding. You really have three choices:
1. Sell your house now
2. Find your new home and write an offer based on the sale of your home
3. Hold onto both homes
1. Sell your home now. This is the usually the best option if you are thinking of making a move. What this will do for you is that you will know you present home is sold, and then you can look for a new home. When we sell your home we negotiate with the new owners a longer possession date (60 days) so you have plenty of time to find and purchase your new home.
2. Find your new home and write an offer based on the sale of your home. This works sometimes but not a great situation to put yourself in. If you write an offer based on the sale of your home, your negotiating power on the new home is lower because the sellers are taking the risk of your present home not selling and their house is tied up awaiting your sale. You also loose negotiating power when you get an offer on your present home, since you are under pressure to sell in order to purchase the new home.
3. Hold onto both homes. If this is an option for you then it might be beneficial. If you have enough equity in your present home and can carry both comfortably, then this gives you the flexibility to find the right new home, purchase it and then sell your existing home.
My best advice would be to sell your existing home and then buy something. There is less stress and more negotiating power. With only 53% of homes selling in Red Deer this year you will need to be proactive and competive with your sale. Being priced higher than your competition makes for a longer sale. Most home that are priced right should sell in 30 days.
If you need any advice please do not hesitate to call.
Thanks for reading
Ken Devoe - Century 21 Advantage