Buying and Selling Simultaneously
Should you buy or sell first in this real estate market? Here’s my answer.
If you own a home and are looking to buy a new one, should you buy or sell first?
If you try to buy first, you’ll likely have to make an offer contingent upon the sale of your current home. In today’s real estate market when sellers are receiving 10 to 20 offers on their homes, contingencies lower your chances of getting your offer accepted because yours isn’t as strong as others. If you sell first, you run the risk of not finding a new home before selling. So the answer to the original question depends on your situation.
Here are my three main tips for when you need to both buy and sell a home:
1. Plan. Where do you want to move to? How much do you want to spend? What are your overall goals? Answer these questions before making any decisions.
2. Hire a professional. We review the contracts and help hundreds of families navigate the process every year. The buying and selling process is stressful, but with a great real estate agent by your size, it’s minimized.
3. Use contingencies as a seller. In the current market, you can make your sale contingent upon finding a new home to purchase within a certain time frame. This is an easy way to protect you from becoming temporarily homeless when you sell.
If you have any questions or would like a free consultation, reach out to me via phone or email. I look forward to speaking with you soon.