6 - Sell First or Buy First?

6 - Sell First or Buy First?

Most homeowners (about 75%) sell their current home before buying a new one. This is because it provides a solid price range as you already know exactly what you will get for your old property. 

So why might a homeowner choose to buy first, and then sell?

If someone has very specific requirements for their new home, or who has found a home that is absolutely perfect and doesn’t want to miss out, they may opt to buy the new home and then list their old one for sale. If this is your preferred choice, make sure you are VERY certain of your home’s market value, and have considered any factors that may cause a delayed sale or lower price. Remember, your realtor has the best information about current market conditions and can assist you in weighing these factors.

What about “Conditional Upon Sale” offers?

Putting in an offer that is conditional on the sale of your current home may seem like a sound solution to the dilemma, but this isn’t usually recommended. Firstly, most homes sell within 30 days of listing, and your conditional offer is likely to be refused so the seller can wait for a better, more efficient offer. A property that has been on the market for several months may be a good option for a Conditional Upon Sale offer, as the seller may jump at the chance to sell it. The catch? There tends to be a reason why a home has been on the market for a lengthy period - it may be less desirable for any number of reasons, or is listed at an excessively high price. 

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