The process of buying and selling a home can be a daunting and complex one. A common dilemma many home sellers face is whether to buy their next home first or sell their current one. In this blog, we'll explore the advantages of selling your home before buying, specifically focusing on why avoiding the "house to sell" condition can be a wise decision.
One of the most significant benefits of selling your current home before buying a new one is the elimination of uncertainty. When you make an offer on a new home that is contingent on selling your current property, you introduce a level of unpredictability into the transaction. If your current home doesn't sell as quickly as expected, it can delay your move and lead to potential complications.
When you make an offer on a new home without a "house to sell" condition, you are in a stronger negotiating position. Sellers generally prefer offers that are not contingent on the sale of another property because they want a smooth and timely transaction. This can lead to a more favorable purchase price and terms for you.
Buying a new home before selling your current one can be stressful. It often involves bridge financing or the need to carry two mortgages simultaneously. This financial strain and the constant pressure to sell your current home quickly can take a toll on your peace of mind. Selling your current home first allows you to be more relaxed during the process.
By selling your home first, you have the freedom to plan your move and transition more carefully. You can explore temporary housing options, stay with friends or family, or rent a place while you search for your new dream home. This flexibility can alleviate the pressure to make rushed decisions regarding your next property. Typically what we advise our clients is to set a closing date for your current home for a timeframe of 90-120 days, this will give you a minimum of 60 days to find your new house. The best thing is you can set your closing date to however long you feel comfortable with when you are selling first.
In a competitive seller's market, where homes are in high demand, having a "house to sell" condition in your offer can put you at a disadvantage. Sellers are more likely to choose offers that don't have this condition because they want a seamless transaction. Selling your home first allows you to enter the market as a more attractive buyer.
Selling your current home before buying a new one can provide financial security. It ensures that you have the necessary funds from your home sale to use as a down payment on your next property. This can make the mortgage approval process smoother and more straightforward.
Conclusion
Choosing to sell your home before buying a new one is a strategic move that can simplify the home-buying process, reduce stress, and provide a competitive edge in a competitive market. By avoiding the "house to sell" condition, you increase your negotiation strength and eliminate uncertainty from the equation. While this approach may require temporary living arrangements, the benefits of financial security, peace of mind, and a smoother transition make it a wise decision for many home sellers. So, consider selling your current home first and enjoy a more streamlined and confident home-buying experience.
We hopy you found the We Sell Windsor Team's insight in this blog valuable and should you have any questions or would even like to know what your home's current value is today in this ever-changing real estate market, you can fill out the contact form below or you're more than welcome to call/text us at 519-300-7093 and Andrew and Daniel would be happy to help you!