If you own a home and you're ready to buy something new, this question is asked most often.
There isn’t a one-size-fits-all answer.
Here’s a look at the pros and cons of each strategy.
Reasons to Buy Before Selling:
You're in the position to buy your dream home without feeling rushed.
On average, it takes about 8 weeks to find your new home. But, what if it takes longer? If you ended up selling first, you may have to look at a short term rental while house hunting. That's why it's ideal to have all the time you need to find your next home before selling.
Take advantage of your rate hold
When you're pre-approved for a new mortgage you're usually given a "rate hold" which locks in your interest rate for 90-120 days. While rates are on the rise, you may want to take advantage of the current interest rate you've been offered.
Reasons to Sell Before Buying:
If you need the equity from your sale to buy, you'll know exactly how much you have to spend.
Before putting your home on the market, I'll be able to give you a market evaluation. This doesn't determine your exact sale price. This evaluation determines an attractive list price and at time of offer you and the buyer will decide on the exact sale price.
You can avoid the Stress and Costs of Your House Not Selling quick enough.
Holding two mortgages in the event your home doesn't sell quickly can get costly and add additional stress. It doesn't always happen, but it's good to be prepared.
So what’s the right thing to do? Buy or sell first?
It depends on your individual situation and risk tolerance.
If you’re thinking of buying and selling, I'd be happy to talk through your options and help you decide.
DM me and we can get started!