It’s tricky, right? If you own a home now and want to move to another, you’re left
with the lingering question “should I buy or sell first?”
 
The answer depends on your financial resources.
  • Can you afford to carry two mortgages if your current home doesn’t sell?
If you buy first but don’t sell your current home fast enough, you’re stuck
with owning two homes at once.

Pro Tip: As a buyer with an existing home to sell, you can protect yourself
by making your offer conditional on the sale of your current home. That
means if you can’t sell your home within a specified period of time you can
back out of the deal. (However, it’s worth noting that this condition will likely
make your offer less attractive to the Seller, especially if you’re buying in a
Seller’s Market.)
 
  • What if Buyers don’t think your current home is worth your asking price? You may have trouble securing a mortgage for the new home.
             If you sell first then you’ll know exactly how much money the sale brought
             in, thus how much you can afford to pay for the next place.
 
It also depends on where you are and what kind of property you live in.
 
  • Do you live in a hot ‘hood, downtown house or unique condo?
     
  • If you sell first you may be able to do so quickly. But if you don’t find a new home before your current one closes, you risk having no home at all. You may feel pressured to buy a home quickly and pay more than you planned, or end up settling for a home that’s less than ideal.
Pro Tip:
 
If the sale of your home closes first, consider a short-term rental (à la
AirBnB) or moving in with family or friends. This could be better than settling
for a less-than-ideal home because you are rushed.
 
There are a lot of factors to consider when deciding whether to buy or sell first.
While there’s no right or wrong answer here, the goal is to make sure you have
realistic expectations and a plan that works for you and your family.
 
To discuss various scenarios based on current market conditions and your unique
current circumstances, call me. That’s what I’m here for: [Phone #].
 
Talk soon,
 
{email_signature} 
 
PS – What happens if you need to Sell your home in ‘As Is’ condition? If you’re
weary that the property you’re selling has deficiencies which you aren’t prepared to
fix, then look out for my next e-mail. I’ll explain 6 things that every Seller needs to
know about selling a house ‘As Is.’

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