Carla Shockey - Advantage 1 Realty - (208) 677-4663
Should you sell your home or buy first?

Deciding whether to sell your home or buy first depends on several factors, including your financial situation, housing market conditions, and personal preferences. Here are some considerations to help you make an informed decision:

  1. Financial readiness: Assess your financial situation to determine if you have the means to handle two mortgages simultaneously, if needed. Selling your current home first can provide you with the funds for a down payment on your new home. Alternatively, if you have enough savings or financing options to purchase a new home before selling, you may choose to buy first.

  2. Housing market conditions: Evaluate the current housing market conditions in your area. If it’s a seller’s market with high demand and low inventory, you may be more comfortable selling your home first to secure a favorable sale and avoid the risk of owning two properties. In a buyer’s market with more inventory and less competition, you may feel more confident buying first, knowing that there are more options available.

  3. Contingency options: Explore the possibility of including a contingency clause in your purchase or sale agreements. A sale contingency allows you to make your new home purchase contingent on selling your current home. Conversely, a buy contingency enables you to make your offer on a new home contingent on the sale of your current home. These contingencies provide flexibility and mitigate the risk of being stuck with two properties or none at all.

  4. Timing and logistics: Consider the logistics of moving, such as finding temporary housing if you sell your home first but haven’t found a new one yet. Assess your comfort level with potential temporary living arrangements or the possibility of storage for your belongings. If you buy first, you’ll have more time to plan your move and transition between homes.

  5. Emotional factors: Evaluate your emotional readiness and preferences. Some individuals prefer the certainty and peace of mind that comes with selling their home first before committing to a new purchase. Others may prioritize finding their dream home and are willing to take the risk of owning two properties temporarily.

  6. Professional advice: Consult with a real estate agent who has experience in your local market. They can provide insights into current market conditions, trends, and the best course of action based on your specific circumstances. They can help you evaluate the pros and cons of selling or buying first and provide guidance on navigating the process.

Ultimately, the decision to sell your home or buy first depends on your financial situation, market conditions, risk tolerance, and personal preferences. Weighing these factors and seeking professional advice will help you make the right choice for your unique circumstances.