Should you sell first and then look for a home to buy, or make a conditional offer to buy and then list your current house? The answer, of course, depends upon market activity and motivation. However, there are some basic rules to keep in mind under obvious circumstances:
- In a buyer's market (the state of our current real estate market here in Lethbridge), it's best to sell your house before you buy. It may take longer to sell your property than you planned, yet you are likely to find a good selection of properties whan you are ready to buy - not to mention you will have more leverage to negotiate with.
- Conversely, in a seller's market (more potential buyers than available listings), it is advisable to seek out a desirable house you can afford, and put in an offer that allows you time to atttract a reasonable offer for you current house.
Although the value propositions will change in different markets, the principles are relatively constant: it is likely if you're selling high, you'll be buying high; and if you're selling low, you'll be buying low. So, the key is to always be in control of your transaction and stay ahead of the market. We are here to help you understand the state of your market and better understand your next real estate move.