Should You Buy or Sell Your Home First?

You own your home and you’re ready for your next one. Now comes the big question: should you sell your house first, or buy your new one first?

Get the order wrong and you could end up carrying two mortgages, or scrambling for a place to live. Here’s how Joe Gonzalez approaches it.

It depends on the market

The right answer changes with market conditions:

• In a seller’s market (few homes for sale, lots of buyers), homes sell quickly. Some people feel comfortable buying first because they’re confident their current home will sell fast.
• In a buyer’s market (lots of homes for sale), selling takes longer and there’s more competition.

Joe’s recommendation in a buyer’s market: sell first

When there are thousands of homes for sale across Niagara, Joe recommends that in most cases you sell your home first:

1. List your home and get an accepted offer.
2. Then go shopping for your next home.

Why? In a buyer’s market, the hard part is selling, not buying. If you buy first, you could be stuck owning two homes while yours sits on the market, with two sets of payments and a lot of stress.

“But what if I can’t find a home in time?”

That’s the risk of selling first. The good news is there are ways to protect yourself, including:

• Negotiating a longer closing date on your sale to give yourself more time to shop
• Making your sale conditional on finding a new home, in some situations
• Planning your timelines so your sale and purchase close close together
• Having a backup plan, like a short-term rental, just in case

Every situation is different, which is why it pays to map out your plan with an agent before you list.

Buying and selling with one team

Many Right Choice clients buy and sell with us at the same time. We coordinate both sides so the timing works for you.

Call 289-276-1716 or talk to us about selling.