To Buy First or to Sell First – That is the Question

If you thought buying your first home was a roller coaster ride of emotions, wait until you buy your second home! There’s twice as much to think about as you’re not just buying this time around but also selling. To make matters more complicated, you have to try and match the closing dates so that they coincide with your moving schedule. You only have two options – you can buy first or sell first. Both scenarios have pros and cons.
Selling your home first has many advantages. For starters, you’ll know exactly how much you’ll net which will determine the price range you qualify for. Selling first will also enable you to make a much better offer as you won’t have to make it conditional upon selling your current home. Finally, you won’t have a deadline that you must sell you home by so you won’t give off the scent of fear that buyers and agents alike can smell.
On the downside, you’re only going to have a limited amount of time to find your next home. As a result, you may have to settle for something that’s less than perfect or paying a premium for a house that has everything you want but that’s over priced. You may also have to be somewhat flexible when it comes to moving dates. ,br>If you’re looking for something very specific that only comes up once in a while, you may want to consider buying first and arranging a longer closing so that you have lots of time to sell your home. Of course the pressure’s on so you’ll want to price your home at a price that will attract lots of buyers right away. You’ll also want to consider bridge financing which will allows a bit more flexibility for the closing date.
The market will help you determine whether buying or selling first is your best option. In a buyer’s market where there’s lots of selection, people usually prefer to sell first so that they have a bit of breathing room. In a seller’s market where homes are hard to find and go quickly once they become available, it’s preferable to buy first. One thing’s for certain though, get some professional advice from a knowledgeable real estate agent before you make the decision.

I pull out all the stops to sell your home.

Lonnie Snyder
REALTOR ®
Keller Williams Realty Southeast Sound
Phone: 206-406-2710
Lonnie Snyder is a full time real estate agent and REALTOR® with Keller Williams Realty specializing in Residential Real Estate for buyers and sellers in Washington's Kent, Renton, Newcastle and South Bellevue.