Should you sell first or buy first?

 

When you’re looking for a new home, one of the first things you need to consider is the order of events – do you sell your existing property before you buy, or after? Here are some factors to consider before taking the plunge.

Should you sell  first or buy first?
 
19 Sep 2019

First, assess the market

When buyers are plentiful, but properties aren’t, homes generally sell quickly. In a seller's market, there is less risk associated with buying first and then selling your existing home. However, sellers in this kind of market may be less likely to accept an offer that is conditional upon you selling your home, so you could end up owning two properties for a period of time.

The average time it takes to sell a property varies from region to region and from month to month, so it’s important to talk to your sales consultant to get advice about current market conditions, recent comparable sales in your area and the possible demand for your property before making a decision to buy first.

Keep in mind also that in a seller’s market there will be more competition, so you can expect to pay top dollar your new home. The good news is that you’ll have the peace of mind that comes from finding the right house to buy before selling yours.

Do you know how much you can spend on your next property?

Until you sell your property, you may not know exactly how much you’ll have to spend on your next one. In a buoyant market, you could easily have unrealistic expectations when it comes to the value of your own property. Your sales consultant can help you get a realistic picture of your property value by preparing a comparative market analysis of what similar properties have sold for in your area in recent times.

Read Full Article