Should You Buy First or Sell First? A Great Real Estate Conundrum!
Though it may seem scary, here’s why it’s best to buy before you sell.
More and more, people have been reaching out to ask whether they should buy or sell first. The answer to this question makes an enormous difference in our current market because homes are selling very quickly in London Ontario.
If you sell first, you’ll have a closing date, and you may be forced to buy a home because that date is coming, and you don’t want to be homeless. You might need more time to find the right home or neighbourhood for you.
You should be in the driver’s seat, so I think the wisest thing to do is buy your next home first. I know that’s scary, but because homes are selling quickly, if you have the proper strategy in place, this makes sense. You won’t be under pressure to find a house, and you can talk to your lender ahead of time and get bridge financing, which will be very inexpensive. You can also pay for the new property in cash, but not all people can do that.
Then you’ll be free to find the perfect home for you and your family. The only pressure you’ll experience is the multiple offers you may be competing against in this market. Buying and selling don’t have to be hectic: Take your time, feel good about the process, and buy the right home for you.
Once that’s done, we put your old house on the market. Now you have closing dates on your home, but you’re in the driver’s seat. Being in control of your situation is essential. I see buyers running around having to make rash decisions and sometimes making the wrong moves.
Make plans, do things right, and you’ll be pleased with the results. Having a strategy in place and knowing the outcomes you want is prudent.
I look forward to answering any questions you have about this or other real estate-related matters. Call, text, or email me, and I’d love to help.