Should You Buy or Sell First?

Pros and Cons to Consider Before Deciding Whether to Sell Your Existing Home Before Buying Your Next Home

Buy First
Buying first can make the house hunting experience more enjoyable.  There is no looming deadline approaching by which you must find a home to live in and move by a certain date.  If you make an offer on a property and it is unsuccessful, you keep looking until the right opportunity comes along.

However, if you do make an offer, it should be conditional on the sale of your current home, so you do not find yourself in the stressful situation of owning two homes and having to pay two mortgages at the same time.  Keep in mind though, that this kind of offer is less attractive to a seller, so you would have less negotiating power.

Sell First
Selling first means you will know exactly how much money you have with which to purchase your next home.  With a firm sale on your current home, it will be easier to get a mortgage pre-approval and financing for your new home.

However, if your closing date is approaching and you have not yet found the exact right property, you may feel pressured to settle for whatever is available and end up not being completely satisfied in the long run.

Ideally you should have a contingency plan of somewhere to live temporarily, if the closing date of your new home is later than the closing date of your current home. 

The location, condition and price of your home influence how quickly it is likely to sell.  Talk to your Real Estate Professional and come up with a plan that works best for your circumstances.