Should you buy or sell your home first?

If you have the financial means to buy your next home without having to sell your current one it doesn’t matter in which order you do it. However, if you do have to sell your present property before buying another there are several considerations:

  • If you’re in a sellers’ market you’re better off selling your house contingent upon you buying another. This way you will be able to get a higher sales price and then you could be an all-cash buyer or at least have no contingency of selling your home.
  • If it is a buyer’s market, you might be able to find a desperate seller who will accept an offer contingent upon you selling your current house. However, you will have to make a very attractive (high price) offer to accomplish this. Then you will have to price your current home below the market to get it to sell quickly so you don’t lose your dream home.

In general, a home buyer is in the strongest negotiating position if their current house is in escrow or, better yet, sold. Contact a knowledgeable real estate agent about how to accomplish this without becoming homeless!

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