BUY FIRST OR SELL FIRST?
If you are a current home owner thinking about purchasing a new home, then you may wonder what your strategy should be?
You do have options. Use the following as a guide to explore what might be the best move for you and ask Nicole McKenzie to assist you making that decision. She knows what is happening in the market today and how it effects your decision:
If You Decide to Sell First: There are several benefits to selling your current house before searching for your next home.
The flip side of this scenario is that if you don’t find the right property before the closing date of the house you’ve already sold, you may have to look for temporary housing until you do find what you’re looking for.
Before you decide to sell first, you should determine whether you have alternate, temporary options, in case you have to move from your house before you’ve found a new one.
If You Decide to Buy First: Buying a new house without having sold your current home may occur if you are interested in a specific property before your home is sold (or even listed for sale). It may be a matter of timing—grabbing hold of the home before it’s too late. If buying first means you don’t miss out on the real estate opportunity of a lifetime, it may be the best move.
HOWEVER, if you buy another property and aren't able to sell your current home quickly enough:
What type of financial stress would this bring to your life and how would you deal with it? What effect would this have on your financial situation?
The Alternative Conditional Offer: An additional option involves making your offer to purchase conditional upon the sale of your current property within a specified period.
Conditional offers usually:
A conditional offer forms an area of compromise, for those who are afraid to sell or buy first—but does not hold the advantages of the other two options.
However, the drawbacks of the conditional offer are:
What homeowners decide depends entirely on their own situation and what
the market is doing at the time. Unfortunately, there is no right or wrong
answer and either way, it can be a risk. Call Nicole McKenzie today to discuss
your personal situation and options.
Home :: Buying :: Selling :: FSBO Help :: Search Properties :: About Nicole :: Contact Nicole :: Bank Sales :: Featured Listings :: Free Market Evaluation :: Virtual Agent :: Buyer Representation :: Moving Tips :: Free Relocation Package :: Mortgage Information :: Online Mortgage Pre-approval :: Dictionary of Real Estate Terms :: Ontario Land Transfer Tax Calculator :: Ontario Land Transfer Tax First Time Buyer Rebate Program :: Ontario Affordable Housing Program :: Real Esate Forms :: Buy or Sell First? :: Free Reports :: Recipe Club :: Helpful Links :: Testimonials :: Rent V Own Calculator :: Mortgage Calculator :: Buyer Representation :: First Time Buyer's Program :: Zero Down London Homes