Should I Buy first or Sell first?
Moving seems like such a difficult process only because a lot of people cannot decide which one to do first. When you sell your property, you typically have 30,60 or 90 days for closing. Home sellers are usually worried about leaving their current home and not being able to find the right home to move into within the time provided till closing.
While the right answer varies from case to case and market conditions, there are a few good ways to approach this situation. All these options should be discussed with your Realtor before moving forward.
A potential seller can usually browse the current inventory on the market to get a general sense of the available options. Once the seller is satisfied that they are going to be able to find the right house, the property can be listed for sale with a preferred closing as soon as possible. Therefore, selling the property before buying. This approach is usually best in a buyer’s market.It is also the best approach in cases where the seller is using proceeds from the sale for the next purchase.
A potential seller can also buy a property with a longer closing and sell their property within the provided time frame. In this case, the seller would get a price evaluation of their current home and start searching. Any improvements to the current home can be made simultaneously while searching for the new home. This strategy is best in a Seller’s market.
Some buyers also place a condition to purchase the home upon receiving a satisfactory offer and sale of their own property. Not every home seller will accept this condition, however, in some cases it is possible.
CENTURY 21 Leading Edge Realty Inc., Brokerage*