Should I Sell My Home Before Buying a New One?

Should I Sell My Home Before Buying a New One?

Sticky
Feb 26, 2009
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If you are thinking about selling your current home and purchasing a new one in today’s Real Estate market you may wish to play it safe and sell your current home first. Current market conditions should always play apart in this decision making process.

Years ago, when the market was hot and houses were selling quickly, finding a home to fit your family’s needs was challenging. Today, many homes are sitting on the market for a longer period of time giving you plenty of inventory to choose from. To purchase a new home before you sell your existing home could lead to financial hardship

You will have several advantages if your existing home is under contract or sold. I always explain to my clients that knowing your home is sold places you in control of your purchasing power, the seller from the home you attempt to buy will be more likely to accept your offer and it eliminates the possibility of paying two mortgages.

I recommend placing your home on the market with a local realtor and have it be exposed on the multiple listing service where over 20,000 realtors will essentially be working to find a buyer for your home. It is important to choose a realtor who knows the area well and will market your home effectively through print and internet advertising Once you have accepted an offer on your home, you can make the sale contingent upon finding the home you want to buy. This is a much safer scenario then buying your new home and finding out that you’re existing home is worth less than you planned.