If you’re moving soon, you might be questioning whether or not you should sell your home before buying a new one. There are a lot of factors involved in answering this question and making a decision. But hashed out below are the pros and cons of each. Now you can decide whether or not you should sell your home first before buying a one. And you can decide with confidence.
Yes, Sell Your Home First If You …
Want to get the most money for your home
If you’re not in any hurry, you won’t be tempted to take a low offer. It’s hard for you as a seller to hold firm on a price when you’re carrying two mortgages. And if you’re not in any hurry, you’ll also have negotiating power.
Can include a contingency clause in your contract of sale
You certainly don’t want to lose a buyer just to be able to stay in your home longer. But you can add a contingency clause to your contract that allows you to remain in your house for a short time after closing. A contingency of 30 to 60 days will give you enough time to close on a new property. It may be difficult to get the buyer to agree to this. But if they do, you’ll have plenty of time to find the perfect new house.
Can handle moving twice
If you sell your home first, you can always live in a short-term rental until you find a new place. This means moving twice, yes. But if you can handle it and are okay with that, it gives you an option.
Don’t want to be stressed about selling
No doubt about it. Selling a home is stressful, no matter how organized, prepared, or easy-going you may be. And carrying a second mortgage is stressful enough to elevate your blood pressure.
Yes, Buy a New Home First If …
It’s the Brooklyn home you’ve always wanted
If you’re absolutely sure you’ve found your dream house, you should buy it now, even if your current house hasn’t sold. You might be full of regret later if you let your dream house pass you by. Just make sure the house is truly worth it.
You’ve found a deal that’s too good to pass up
If you’ve researched the comps and you know the home you’ve found is too good a deal to pass up, buy it. Waiting to sell your home might cost you more in the long run if you lose out on a good bargain.
The real estate market is a seller’s market
If it’s seller’s market, there are more buyers than there are houses selling, you won’t have any difficulty selling your Brooklyn property.
You have the money
Talk with Charles D’Alessandro, your Brooklyn Real Estate Agent. Find out how long homes that are comparable to yours are taking to sell these days. Then, do the math. Determine whether or not you have enough in savings to make the down payment and both monthly mortgage payments while you’re waiting to sell.
Do you need to sell your home? Should you buy a new home now or wait until the home you’re selling sells? Call Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate and ask him. Call (718) 253-9600 ext.206 email email@example.com. With 30-plus years of real estate experience in Brooklyn, he’s got the answers.
SOURCE: Brooklyn Real Estate Blog – Read entire story here.