In an ideal world, a seller would find a buyer for their home and a new house at the exact same time, eliminating all financing and timing worries. Unfortunately, it’s not likely to happen, so the decision to buy first or sell first must be made. It is a complicated decision, and buying and selling a home when one controls the other can be very stressful.
One way to decide whether to buy first or sell first is to study the market conditions. If you’re in a stronger position as either a buyer or a seller, it may sway your decision. This is only helpful if you’re able to handle some of the complications that come with either side. If you decide to buy first, there’s always the option of a contingency, where the condition of the purchase is finding a buyer for your home. This usually only works if the seller is having a difficult time finding a buyer. If you find a buyer who is very interested in your home, they may be willing to rent it back to you for up to several months, depending on their timeline, giving you time to find someplace new.
Here are some pros and cons to both sides.
If you are ready to start your buying or selling process
give me a call at 516-867-3508 - I´m happy to answer all your questions.