 Buying a home can be an emotional roller coaster but when you buy your second home, there’s twice as much to consider! You now have to decide whether to sell your existing home first or risk carrying two homes at once.
Selling first means you’ll know exactly how much you’ll be able to put towards your next home. It also allows you to present a much stronger offer as it won't be conditional on the sale of your current home. Finally, selling first helps eliminate the scent of desperation that both buyers and agents can smell.
Once your home sells though, the clock starts ticking. You'll only have a limited amount of time to find the right home. You don't want to overpay or settle for anything less than perfect so you may have to be somewhat flexible when it comes to moving dates.
If you’re looking for something very specific that only comes up once in a while, you may have to buy first and then arrange a longer closing to allow time for your home to sell. To avoid carrying both homes at once, make sure your home’s priced competitively right off the bat in order to generate maximum interest.
Local market conditions can help determine the best option. In a buyer’s market where there’s lots of selection, people usually prefer to sell first so they have a bit of breathing room. In a seller’s market where good homes are hard to find and sell quickly, it’s preferable to buy first in order to lock down your dream home!
There’s no right answer when it comes to buying or selling first as it depends on personal circumstances. Regardless of your situation though, it's important to seek professional advice from a knowledgeable, local real estate agent as market conditions can change rapidly.
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