Sell or Buy First?
Do I sell my home or buy a home? What Comes First?
Sell or buy first? With the London, Ontario market being incredible active over the last few years this is a questions that we have got almost every time we speak to clients about moving home.
The reality is that every situation is different and a lot of the ultimate choice comes down to a leap of faith.
When To Decide
This is not a choice to be made quickly. Carefully consider the following before you make your choice
- Do you need to move now? Can you wait for the market to balance?
- Does your financial situation allow to compete in a busy market?
- What tolerance for risk do you have?
- Can you afford to bridge a mortgage?
- Do you want to potentially rent somewhere short term?
Can I not just match my selling and buying dates?
In a heated market this is very difficult to achieve. If you list your home first and sell then you have your first date set. The problem arises however if the home you are trying to buy has decide to buy first before selling. Now we have competing dates that both parties want to match.
This is all becomes part of a negotiation and you need to know the financial implications for you and your family. Sometimes the dates will magically align more often than not someone has to give.
Overall Pros & Cons
Buy First Pro
- Take your time searching for a home
- Time to prepare your house properly to sell
- Carefully consider various property types
- Determine which neighbourhoods you like
Buy First Cons
- Deposit Money, is it tied up in your home?
- Closing and carrying costs if your home doesn’t sell in time
- Can you afford to pay for two homes in the unlikely event your home is not sold in time?
Sell First Pros
- Control of the sales process, no rush!
- Clear picture of your finances once a sale price has been agreed
Sell First Cons
- Once a deal is done the clock starts ticking, you need to find somewhere to live
- You may feel pressure and convince yourself to buy a home that you don’t really want
- You may need to move out and rent for a while
In closing you can see that no easy solution exists to this problem. Trust your instincts and trust the advice of your Realtor.
How Can We Help?
Are you ready to sell or start searching for your new home?
Let’s set up a time to chat. We are happy to meet in person or virtually.
Some of the ways we can help are listed below.
Call Direct: 519.933.6198
Email: Stewart(at)londonontariorealty(dotted)com
If you are thinking of selling your home soon we would be happy to give you a FREE online home evaluation!
Click Here: FREE HOME EVALUATIONS
Want to learn more about The Odland & Blair Real Estate Group with Royal LePage Triland Realty?
Click Here: ABOUT US
Looking for more information on the London market? You can visit the London & St Thomas Association of Realtors site.
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