Should You Buy Your New House Before Selling Your Current One (Pros and Cons)
Real estate markets are as dynamic as the communities they serve. A home may have been a seller’s market one year and a buyer’s market the next. Should you buy your new house before you sell your old house or vice versa?
Let’s get into the different factors that influence that decision in this episode of the How To Sell a House podcast. Chris, Cassidy, and Loren get into the pros and cons of buying before selling and help you decide the timing in a way that gives you the most value and peace of mind. Listen in now!
What you’ll learn:
- Should I buy a new home before selling my current home?
- The first question you want to ask yourself… is financially feasible to buy your new home before selling your old home. Chat with a lender or someone knowledgeable to figure out if you can afford it.
- What are the pros and cons of putting your home on the market?
- You can go buy your new house, fix it up, move into it, and then put your other home on the market, it can be done without the hassle.
- It’s a little less stressful without the two escrows and other moving parts.
- You’re not contingent.
- Financial hassles
- When you make an offer on another house, you’re going to have to write in a “contingent”.
- Mortgage rates could change in the timeframe of you buying a new home and then selling your current home.
- Make sure you have a cushion if your timing of selling isn’t exactly what you want.
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