If you are a homeowner thinking about selling and buying another home whether you are upsizing, downsizing, moving for work etc. you most likely are questioning whether you should buy first or sell first. This is a fantastic question to ask and the answer is a little bit tricky, but it all depends on the market.
If the market is not busy, meaning that homes are just not moving as quickly as we would like them to due to various reasons such as our current market state where economy, high interest rates, inflation etc. are all big factors keeping it slow, then it would be a smarter move to sell your home first before buying another one. This will give you a good financial picture before delving in to another home purchase. It is also a very good idea at this point to have a real estate agent on your side that is licensed and educated in these tricky situations, because it can get complicated and if you are not careful, you can be on the losing end.
Don`t fret however, you can still put an offer on a home before yours sells firm. Your agent will need to make sure there is a clause in the sale of your home that gives you the time to find another home so you don`t end up living in a hotel after closing day.
Buying a new property before selling yours is best left when the market is in a “Seller`s Market” state. Meaning houses sell as fast as they go up because interest rates are low, the economy is booming and inflation is steady or low. Those days seem far away but keep in mind; homes sell everyday regardless of market conditions because people need a place to live. Do what is best for your situation. I cannot reiterate enough to use the expertise of a real estate agent to make your home selling and buying process go smooth.
