TO SELL FIRST OR BUY FIRST: THAT IS THE QUESTION
Every seller is faced with this same predicament: ‘If I buy first, I just might not be able to sell my current place and, if I sell first, I just might not find a suitable property to buy’. So what should you do?
A foolproof way for you to decide is to determine which scenario would be the most difficult for you right now, in today’s market, wherever you are. Would it likely be more difficult for you to sell your home or more difficult for you to find a home to buy that fulfills your needs?
Then do the most difficult option first.
No matter which you do first, plan the timing of both your purchase and sale to occur in the same general marketplace timeframe.
ADVANTAGES TO SELLING FIRST:
The luxury of time presents no stress to sell for an amount less than you find acceptable.
You will know exactly how much money is in your pocket to buy.
You will know exactly when the buyer gets possession of your home or condo (you can time closing of your purchase to minimize the need for bridge financing).
You avoid the stress of not being able to sell.
DISADVANTAGE TO SELLING FIRST:
Pressure of not yet having found a place to buy and potentially having to make a rushed purchase.
If you decide on this route, the longer the closing the better.
ADVANTAGES TO BUYING FIRST:
You have spent all the time necessary to calmly find, negotiate and secure your dream home.
DISADVANTAGES TO BUYING FIRST:
You don’t know exactly how much your home will sell for.
Pressure of having to sell when having already bought.
If you decide on this route, buy with a long closing. Have confidence the budgeting figure you use as a selling price for your home is realistic.
The next important stage is having a strategic marketing plan to ensure that the right buyers are seeing your property. Read more about my clear approach to marketing here.