Should you BUY or SELL first?

Which came first the Chicken or the Egg?

This is an age old Real Estate question and a question all sellers should ask themselves first and go over your own unique pros and cons list before you come up with a conclusion. 

For argument sake let’s start with BUY first:

Some of the pros:

  • You can eliminate unnecessary moves having a house to transfer all your belongings to without needing to find a temporary rental in the event your current home sells quickly. 
  • If you are transferring in the same city, or a nearby city you can transfer all belongings efficiently without rushing eliminating nights sleeping on an air mattress or eating on the coffee table. 
  • You can be meticulously picky finding your dream home without the pressure of homelessness in the event your house sells quickly. 

Some of the cons:

  • You could be forced to carry two mortgages, two utility bills, and two tax bills. 
  • You could end up accepting a lower value on your current home due to the pressure of getting it sold quickly

 

Now let’s say you SOLD first:

The Pros:

  • You will not be on a tight deadline to sell therefore having an upper hand in the negotiation, accepting only the value you consider to be fair for your home.
  • You can get pre-approved for a mortgage so you can look for housing in a specific price range
  • You can use the money from the sale of your original home, to purchase your new home

The Cons:

  • You may end up buying something a touch less than perfect with the added pressure of your finalized sale date
  • You may face temporary living and storage situations

If you do sell your house first here is our tip:

Go browsing with your Real Estate Agent during the marketing of your current home to get a feel for what you like, and dislike.  After your house becomes conditionally sold go shopping again and choose three of your favourites and be prepared to write on one of them.  

In both scenarios it is important to receive a professional Current Market Analysis of your current home before making any decisions, this way you will know what to expect as a sale price for your home, and how long a typical house is selling in this current market.  To start your research today you can visit our website at

www.theAxfords.com   and click on our tool “Your Home’s value” and you can receive a free analysis right to your email inbox. 

Also we suggest talking to your bank, see what the current rates are, receive a pre-approval and get a quote and they can lock you into an interest rate for the next three months. 

But please note that everyone’s situation is different and unique and there is no correct answer here but always remember the worst case scenario is rarely as bad as you think. 

If you are looking to buy or sell your home, please don’t hesitate to call with any questions or Concerns,

The Axfords,

604-931-8152