Should I Buy or Sell First?
A classic dilemma for homeowners is whether to sell their existing home before purchasing another, or the other way around. In the latter case, the advantages are that you can first find your perfect home, and then once that is taken care of, sell your previous one. That approach, while appealing, has a few significant drawbacks. Can you qualify for a second mortgage? If not, your bargaining position in purchasing your new home will be reduced as you will need to make your offer contingent on the sale of your existing property. What happens if your current home doesn't sell right away? You might be stuck with two mortgages.
We recommend first selling your home and then purchasing another. This is the most prudent approach and puts you in the best position for both transactions. If your home sells quickly, there are numerous houses on the market to select from. If you need more time, you can always move to temporary housing while selecting your perfect home. In either case, you will be pre-approved for a mortgage (or, better yet will be buying with all-cash from the proceeds of your sale) and can negotiate for the best price.
We are here to make your transition a smooth and stress-free one. Give us a call for a FREE COMPARATIVE MARKET ANALYSIS at 917-921-5397.