Buy First or Sell First?

Very Important Decision!

First time buyers have an easier time here, there is no difficult decision to make! They have the advantage of buying a home then, 60 days before they plan to move out they give notice to their landlord and move into their new home. For those of you who already have a home, one of the biggest decisions to make is whether to buy first or sell first. There are pros and cons of each decision, but there are a few simple questions to consider that may assist you.

• Why are you moving? Everyone has different reasons for moving. Consider the importance of your move and the timing!
  
• What are you selling? Some homes are in more demand than others. Don't put yourself in the position of having to sell your home because you have already bought, if you have a unique or difficult to sell home yourself.
  
• What are you buying? Is what you're looking for difficult to find? You wouldn't want to put yourself in the position of having to buy what ever comes available if you are truly looking for a special something.
  
• How do you plan to price your home? Are you prepared to be realistic with your pricing ie. take the advice of a professional sales person and take into consideration what other similar homes have recently sold for or are you going to ask 10% more?
  
• Conditional Sales and Purchases - What are they? There are conditions that you can place in your offer to purchase that allow you time to sell your own home before you are obligated to firmly purchase the new home. Often these conditions can be costly. At the same time, you may sell your home conditionally upon purchasing a new home within a given time. Both of these conditions come with advantages and disadvantages.