Are you thinking about selling your home? If you are, you’ve probably wondered about how to best go about buying a new home. Do you buy before you sell? Do you sell and then buy a new home? Or are you supposed to do it at the same time?
In a normal world with a normal real estate market, you could sell your home and then buy a new home pretty easily. Yes, you could even sell a home and buy at the same time if you were on a condensed timeline.
But we don’t have a normal market right now, so things are a bit more complicated.
Our current market has high demand from buyers and a low supply of available houses. This is the kind of market that will allow you to sell your home for a lot more than you paid for it, but when you’re a buyer, it can be frustrating to find the right house for you.
Generally speaking, most buyers are putting several offers before they get an offer accepted on a home that they love. Because the market is heavily leaning towards sellers right now, it can take a while to find the right home for you. That means that your safest option is to find and buy a home before putting your current home on the market.
But that might not be a great option for everyone. Whether you need the equity in your current home to use as a down payment or you just don’t have the time to buy first and then sell, you have other options. You can sell your home and move out then put your furniture in storage and live in a short-term rental or with family while you find the perfect home. Alternatively, you can ask buyers for a longer closing period or put a clause in the purchase agreement to give you time to find your dream home.
Your seller’s agent will be able to walk you through all the options available and point you in the direction of options that fit your needs.
If you want to talk about what’s best for your situation and your real estate goals with an expert, just reply to this blog or call me TODAY!
Karla Saa
CNE | Broker
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HomeTap.ca
RE/MAX Real Estate Centre Inc., Brokerage.
1140 Burnhamthorpe Road West
Suite 141
Mississauga, ON. L4C 4E9
D: 416-881-3770
karla@hometap.ca | www.hometap.ca
